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6 Feb 2017
USD/CAD short-term extreme overbought
The 4hr RSI was printing below 50% most of the last three weeks and recently broke above the 60% mark.
USD/CAD was in sell mode -the 50SMA placed below the 200SMA on 4hr charts-, until it failed to cooperate with these trend indicators. Now the oscillators point to a short-term extreme overbought zone which may allow sellers to adhere to a continuation move with the prevailing down trend.
However, should the pair extend its recovery from multi-week lows into a new trend, short positions may require a contingency plan.
USD/CAD was in sell mode -the 50SMA placed below the 200SMA on 4hr charts-, until it failed to cooperate with these trend indicators. Now the oscillators point to a short-term extreme overbought zone which may allow sellers to adhere to a continuation move with the prevailing down trend.
However, should the pair extend its recovery from multi-week lows into a new trend, short positions may require a contingency plan.