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USDCAD Is Bearish! Short!

Short
Dollar Américain / Dollar Canadien (FX:USDCAD)  
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FX:USDCAD   Dollar Américain / Dollar Canadien
Trend Analysis Chart Patterns Wave Analysis USDCAD short SELL trading currency Forex forecast swing signals
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trendanalysis chartpattern waveanalysis usdcad short sell trading currency forex forecast swing signals
snapshot
Please, check our technical outlook for USDCAD.

Time Frame: 5h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish

The market is testing a major horizontal structure 1.347.

The above-mentioned technicals clearly indicate the dominance of sellers on the market. I recommend shorting the instrument, aiming at 1.336 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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