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USDCAD Will Move Lower! Sell!

Here is our detailed technical review for USDCAD.

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

The market is approaching a key horizontal level 1.356.

Considering the today's price action, probabilities will be high to see a movement to 1.352.

P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.

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Great beginning for a trade, let’s hope it goes further!