-
USDCAD forms bullish double bottom
USDCAD entered a range trade following the slump to a four-and-a-half month low of 1.3349 last Friday. In the four-hour chart, the ongoing sideways move seems to have taken the shape of a bullish double bottom pattern, increasing optimism the pair might soon change direction to the upside. In other encouraging signals, the RSI has bounced off oversold levels and keeps trending northwards, reflecting a positive bias. Likewise, the MACD continues to gain ground above its red signal line, suggesting that upside forces could persist in the short-term. Technically though, the positive formation needs a confirmation above ... (full story)