News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
USDCAD Short Term Reversal Evident

USDCAD Short Term Reversal Evident

Christopher Vecchio, CFA, Senior Strategist

60-Minute Bars

eliottWaves_usd-cad_body_Picture_7.png, USDCAD Short Term Reversal Evident

Prepared by Christopher Vecchio, Currency Analyst

The USDCAD reversal off of the low may be confirmed on the 60-minute chart, considering the fact that the 50-HMA has crossed over the 200-HMA for the first time since July 27. Similarly, on August 22, there was the first hourly overbought reading on the RSI since July 24; typically during uptrends, even on shorter-term charts, there are numerous exhausted technical readings to the upside. A daily close above 0.9940/50 brings parity back into focus. A short-term ascending trendline off of the August 21 and August 23 lows should be our guide in the coming days, and a break of it (currently at 0.9915) would shift our bias back to neutral.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.