USD/CAD Showing Signs of Strength

Russell Shor, CFTe, MFTA FXCM

The below is the daily of the USDCAD chart. Yesterday’s candle is a potential bullish reference candle (blue arrow). I.e. a candle with a higher low to either side of it. If today’s candle closes above yesterday’s high (green horizontal) than it will give weight to the bullish reference candle scenario. The RSI(9) is also above 50 and indicative of an underlying bullish momentum. We do note that there is overhead resistance around the 1.3500 level (red horizontal). The longer that the RSI(9) stays on the bullish side of 50, the greater the chance that this resistance will be overcome. We continue to monitor.

Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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