(1,0298) The USD/CAD formed a positive day reversal but only a daily closing above 1,0270 will confirm a s/t bottom supporting higher levels. The indicators of the daily chart are still well negative but those of the s/t ones turned all above the line following the rebound. In the hourly chart we have already overbought conditions and potential negative reversals limiting a possible extension of the rally. We have resistance at 1,0290 before the 200 hours line at 1,0311. The move up is corrective but we want to wait for a possible overshooting before trying a short position!!
Read the full report: USDCAD 09.20
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