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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.