USDCAD Short Term Reversal Evidence
240 Minute Bars
Prepared by Jamie Saettele, CMT
The quick USDCAD drop to this morning’s low and reversal has the ‘look and feel’ of an important pivot. The move was characterized by the highest volume (futures) since the 8/10 USDCAD high, which was an important pivot. The 240 minute chart is revealing with the presence of ‘reliable’ divergence (RSI > 30 at the low) and a key outside reversal. Expect reactions at 9900, 9940 and 9970 if reached. Exceeding 10085 is needed in order to suggest that an important (multi week +) low is in place.
LEVELS: 9799 9819 9842 9905 9940 9970