FX.co ★ Technical review for USD/CAD: price may undergo strong pressure

USD/CAD is currently at the upper limit of the range 1.2450-1.2900, which has been forming for almost a year now. If it stays around that level even after the Fed's decision to raise rates by '0.50% to 1.00% and then take a wait-and-see position after, then the price will most likely decrease because of growing oil prices.

technical picture:

The quote is above the middle line of the Bollinger indicator, below the SMA 5, but above the SMA 14. Meanwhile, the relative strength index (RSI) is moving towards the overbought zone, while the stochastic indicator is leaving that area .

Possible dynamics:

The pair may fall to 1.2700 immediately after hitting 1.2800 and consolidating below it. .