USDCAD Will Go Lower! Sell!

Please, check our technical outlook for USDCAD.

Time Frame: 9h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish

The price is testing a key resistance 1.351.

Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 1.342 level.

P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.

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Yorum:

I am confident in this trade so I will keep it open!