USDCAD Short Term Reversal Evident
Forex pairs in this Article »
USD/CAD
60-Minute Bars
Prepared by Christopher Vecchio, Currency Analyst
The USDCAD reversal off of the low may be confirmed on the 60-minute chart, considering the fact that the 50-HMA has crossed over the 200-HMA for the first time since July 27. Similarly, on August 22, there was the first hourly overbought reading on the RSI since July 24; typically during uptrends, even on shorter-term charts, there are numerous exhausted technical readings to the upside. A daily close above 0.9940/50 brings parity back into focus. A short-term ascending trendline off of the August 21 and August 23 lows should be our guide in the coming days, and a break of it (currently at 0.9915) would shift our bias back to neutral.
Prepared by Christopher Vecchio, Currency Analyst
The USDCAD reversal off of the low may be confirmed on the 60-minute chart, considering the fact that the 50-HMA has crossed over the 200-HMA for the first time since July 27. Similarly, on August 22, there was the first hourly overbought reading on the RSI since July 24; typically during uptrends, even on shorter-term charts, there are numerous exhausted technical readings to the upside. A daily close above 0.9940/50 brings parity back into focus. A short-term ascending trendline off of the August 21 and August 23 lows should be our guide in the coming days, and a break of it (currently at 0.9915) would shift our bias back to neutral.
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