FX.co ★ Technical review for USD/CAD: price may continue to decline

USD/CAD remains under pressure in the wake of rising crude oil prices and weakening pressure from the US dollar. An additional positive for the loonie is strong economic data in Canada, especially on core retail sales.

Technical picture:

The quote is under the middle line of the Bollinger indicator, below the SMA 5 and SMA 14. The relative strength index (RSI) is below 50% and is indicating a slowdown in decline, while the stochastic indicator is in the oversold zone.

Possible dynamics:

A decline and consolidation below 1.2760 is likely to lead to a local fall to 1.2685.