(1,0500) The USD/CAD formed on Friday a negative day reversal but only a daily closing tonight below 1,0496 will confirm a s/t top. The weekly closing was however strong. The indicators of the daily chart are still well positive as well as those of the weekly one supporting a positive tone. The indicators of the s/t charts are instead mixed this morning supporting some consolidation/ correction. An hourly closing below 1,0490 will support a deeper correction with the 200 hours line at 1,0402 the attraction. We sold as suggested the 1,0530 overshooting. We keep a stop already at 1,0575 while waiting for a test of the 200 hours line!
Read the full report: USDCAD 08.26
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