FX.co ★ Technical review for USD/CAD: price is likely to dip again

USD/CAD is consolidating above 1.2715 after a noticeable fall following the Fed meeting. Although it is under pressure from the softer position of the US Central Bank regarding the future of interest rates, the price is increasing because of the rise in crude oil prices. However, this may not last long as the possible weaker US jobs data coming out tomorrow could push the quote down.

technical picture:

The pair is below the middle line of the Bollinger indicator, below the SMA 5 and SMA 14. Meanwhile, the relative strength index (RSI) is below 50% and indicates the slowing of the price decline, while the stochastic indicator is in the oversold zone.

Possible dynamics:

A drop below 1.2715 may lead to further fall to 1.2650.