USDCAD Will Go Lower From Resistance! Sell!
Please, check our technical outlook for USDCAD.
Time Frame: 8h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is trading around a solid horizontal structure 1.367.
The above observations make me that the market will inevitably achieve 1.362 level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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