USDCAD Will Go Down From Resistance! Short!

3 May 2023

Take a look at our analysis for USDCAD.

Time Frame: 4h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish

The market is approaching a significant resistance area 1.362.

The above observations make me that the market will inevitably achieve 1.356 level.

P.S
Please, note that an oversold condition can last for a long time, and therefore being oversold doesn't mean a price rally will come soon, or at all.

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