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USDCAD Short-term Reversal Evidence Builds

USDCAD Short-term Reversal Evidence Builds

Christopher Vecchio, CFA, Senior Strategist

Daily Bars

eliottWaves_usd-cad_body_Picture_5.png, USDCAD Short-term Reversal Evidence Builds

Prepared by Christopher Vecchio, Currency Analyst

While the short-term ascending trendline off of the August 21 and August 23 lows broke, allowing the USDCAD to trade back to the August low at 0.9842, as noted earlier, “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.” Now, it appears that a Double Bottom has formed on the daily charts amid bullish RSI divergence on shorter-term time frames (hourly, 4-hour). A daily close above 0.9940/50 (August 22 and 23 swings highs) brings parity back into focus.

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