The below is the daily chart of the USDCAD. Further to yesterday’s article, the green 5-day EMA has crossed below the orange 13-day EMA (blue ellipse). This has put the EMAs back into a neutral pattern. This is being confirmed by the RSI(9) which was unable to push northwards of 50. Since the beginning of March the indicator has oscillated around 50 (blue rectangle) as price moved sideways (red rectangle). As such, the loonie’s consolidation phase continues.
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