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USDCAD bears take a break but are not done yet
Since reaching a 22-month high of 1.3945, USDCAD has been steadily dropping towards its 50-day SMA at 1.3730, making it the worst-performing week of the year. The broken resistance trendline drawn from April's peak is now providing support in the market, although there is no certainty of a bullish rotation according to the technical indicators. Even though the Stochastic oscillator has entered its oversold territory, the negative cycles in the RSI and the MACD seem to be at an early stage, warning that the bearish wave in the price has yet to bottom out. Note that the price is trading comfortably above the lower ... (full story)
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- Posted: Aug 9, 2024 6:59am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 2,869
