USDCAD Will Go Up! Buy!

Here is our detailed technical review for USDCAD.

Time Frame: 5h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish

The market is on a crucial zone of demand 1.365.

The oversold market condition in a combination with key structure gives us a relatively strong bullish signal with goal 1.371 level.

P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.

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Comment:

I am confident in this trade so I will keep it open!