FX.co ★ Technical review for USD/CAD: price may bounce up and then decline again

USD/CAD remains under pressure in the wake of rising crude oil prices and the decision of the Bank of Canada to continue raising rates amid the general weakness of dollar.

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) lies on the border of the oversold zone and moves horizontally, while the stochastic indicator is within the oversold zone.

Possible dynamics:

A decline and consolidation below 1.2715 is likely to lead to a further fall to 1.2620.