USD/CAD: 1-hour
Think the trend is your friend? Then you should take a closer look at this short-term rising trend line on USD/CAD’s 1-hour forex time frame. Price is currently testing the steep trend line, which lines up with the dynamic support at the 200 SMA, and might be due for a bounce past the previous highs around the 1.3100 mark. However, stochastic has just reached the overbought region and is starting to turn lower, suggesting that buyers aren’t quite ready to resume the climb just yet. If sellers are strong enough, they could even push for a downside break from the trend line and a potential reversal. Better watch out for a long red candle closing below the 1.3000 major psychological mark if you’re hoping to catch a drop!
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