USDCAD - Top Down Analysis

Starting with the 4hour chart above, price action currently trades just above the 1.38 handle. As of writing this article, there are still lots of bullish indications in play such as the ascending channel, RSI above 50, and price action above the 200SMA.

== DAILY ==

• RSI Divergence
  
• Maintaining Bullish Channel
  
• Trading Above 200 SMA ( Bullish Sign)
  

== WEEKLY ==
* Weekly timeframe shows bullish momentum easing off with RSI dropping below 70
* Fairly strong resistance around 1.39 - 1. 40

== IN SUMMARY ==
Be careful about short selling this pair as further upside is still warranted until some of these bullish indications fade further