USD/CAD Freefall Bottoms Out
March 12th, 2010 Posted in Technical Analysis
• Below is the daily chart of the USD/CAD currency pair.
• The technical indicators used are the Relative Strength Index (RSI), MACD, and Williams Percent Range.
• Point 1: The Relative Strength Index (RSI) signals that the price of this pair currently floats in the over-sold territory, indicating upward pressure.
• Point 2: The MACD indicates an impending bullish cross, which may signal an upward movement is going to occur in the near future.
• Point 3: The Williams Percent Ranges is showing that this pair is heavily over-sold and may be experiencing strong upward pressure.
• Forex traders have the opportunity to wait for the upward breach on the hourlies and go long in order to ride out the impending wave.
USD/CAD Daily Chart
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Tags: canadian dollar, dollar, Forex, forex blog, MACD, RSI, Technical Analysis, USD, USDCAD
