The Beginning Of A Bullish Reversal For USD/CAD?

  • 1 Oct 2018




The USD/JPY pair has continued the bullish run and is approaching a long-term resistance level at 114.19. Momentum indicators remain bullish with RSI moving beyond the 70 resistance level.







The EUR/USD pair has retraced back below the 1.164 price level and is heading towards the 1.153 price level which represents a strong support level for the pair. At the same time, momentum indicators are bearish; with MACD approaching the zero line.






The GBP/USD pair is testing the 1.306 price level and is approaching the ascending trendline. Previous tests of the ascending trendline have resulted in a bullish retracement. Momentum indicators have turned bearish.






The USD/CHF pair is testing the 0.981 price level which represents a long term support level. Momentum indicators are bullish with MACD approaching the zero line, however, RSI appears to have stalled just below the overbought area.






The USD/CAD has pulled back to break the 1.287 price level after a strong bearish move in recent trading. An abandoned baby candlestick after the bearish move could signal that the bearish trend may not continue. RSI is approaching oversold conditions and MACD has stalled in bearish conditions.






Silver has broken the 14.41 price level in an apparent bullish move which may send price action towards the 14.91 resistance line. MACD has turned sharply bullish and is heading towards the zero line.






Price action has taken a more bearish turn after rejecting the 1209.70 support level. Momentum indicators have turned bearish with MACD now pulling away from the zero line and RSI in beginning a bearish trajectory.






Oil price volatility continues as the commodity tests a recent market top at the 73.44 price level. Momentum indicators are bullish, however, RSI has reached overbought conditions.




























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