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USD/CAD intraday: the RSI is oversold
2024-03-08
279
Our pivot point stands at 1.3480.
Our preference: the downside prevails as long as 1.3480 is resistance.
Alternative scenario: above 1.3480, look for 1.3505 and 1.3520.
Comment: the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.3476 and 1.3497).
Supports and resistances:
1.3520 **
1.3505 *
1.3480 **
1.3470
1.3457 last
1.3422
1.3408 **
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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