I guess it's time to buy USDCAD the problem being that oversold may last a while longer.
USDCAD bears meet a wall around 1.3285; Stochastics oversold
USDCAD has been trading to the downside this week but the 1.3285 level appeared a hurdle for the bears to overcome over the past two sessions. The RSI is hovering around 50, framing a neutral picture for the short term. Yet with the fast-stochastics set for a bullish cross below the 20 oversold mark, chances for an upside reversal are considerably increasing. If the 1.3285 key number successfully stops negative pressure, sending the price higher, immediate resistance is expected to be found around 1.3328, where the 38.2% Fibonacci of the upleg from 1.2781 to 1.3663 is placed. Clearing this area, the next target could be the 2-month high ... (full story)
- Posted: Mar 15, 2019 7:25am
- Submitted by:Category: Technical AnalysisComments: 1 / Views: 522