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12.05.202214:40 Forex Analysis & Reviews: Technical review for USD/CAD: price is likely to increase again

USD/CAD rallied on Wednesday, thanks to growing dollar demand caused by the persistent rise of inflation in the US. Many expect the Fed to continue its vigorous rate hikes in order to curb inflation. The pair also rose because of the recent sell-off in the oil market.

Technical picture:

The quote is above the middle line of the Bollinger indicator, above the SMA 5 and SMA 14. Meanwhile, the relative strength index (RSI) is above 50% and is rising, similar to the stochastic indicator.

Possible dynamics:

If oil prices continue to decline, the pair will climb above 1.3050 and hit 1.3140.

Exchange Rates 12.05.2022 analysis

*تعینات کیا مراد ہے مارکیٹ کے تجزیات یہاں ارسال کیے جاتے ہیں جس کا مقصد آپ کی بیداری بڑھانا ہے، لیکن تجارت کرنے کے لئے ہدایات دینا نہیں.

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