Today’s Analysis – USDCAD – strong sell off leading the market to oversold conditions, a bounce is probable into local resistance.
Points to consider,
- Impulse sell relief rally
- Structural support respected
- Local resistance (immediate target)
- Oscillators diverging
- Volume below average
USDCAD’s immediate trend is bearish with an...
As we can see on the chart, the price has been rejected two times already from the Resistance trendline near the 1.10 psychological number and heavy resistance as expected from the yesterday analysis.
What is seen on the chart now is that the price reached a region from where it pushed back up and if it holds above these long wicks the EUR/USD pair...