USDCAD
The USDCAD has dropped after the U.S. Department of Labor delivered the disappointment mentioned yesterday. The pair has broken down from its bearish price channel and was stopped by its new support level which it has not breached as visible on the H4 chart.
MACD showed weak momentum which has confirmed the break-down which hints at potential future weakness after the rally. RSI has reached extreme oversold condition which is not sustainable. Watch out for a break-out from extreme oversold and into oversold territory.
I recommend taking an initial long position at the 0.9775
level and a potential addition below 0.9730.
Place your take profit level above 0.9850.
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