FOREXYARD: Forex News Blog | |
| USD/CAD Reversal in the Making Posted: 23 Jul 2009 02:25 AM PDT
The USD/CAD pair has been range-trading within a bearish channel since last week, and has yet to create a significant breach. Forex traders may see a strong bullish movement later today. As I will demonstrate below, the USD/CAD pair may very well be heading for a reversal. • The chart below is the daily chart for USD/CAD by ForexYard. • The technical indicators used are the Slow Stochastic, RSI and William Percent Range. • Point 1: William Percent Range Signals that the price of this pair currently floats in the over sold territory, indicating upward pressure. • Point 2: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction. • Point 3: Relative Strength Index (RSI) also supports the upward direction. • Point 4: There is a "doji" candlestick formed in the chart, indicating that a reversal should take place.
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