USDCAD bears could remain in control

From xm.com

USDCAD has been tiptoeing to the downside for five consecutive trading days, increasing speculation that some stability could soon occur. The technical picture, however, suggests that the bears have more to accomplish. Thursday’s close below the 20- and 50-day simple moving averages (SMAs) and the drop back into the short-term falling channel could raise fresh selling interest in the coming session. Meanwhile, the RSI has ticked below its 50 neutral mark and the stochastic oscillator, although within the oversold region, has yet to bottom out, both signaling more downside ahead. If the bearish scenario plays out, ... (full story)