Usdcad declined off the 1.0962 lower high (5 Jun) for 20
days to reach a new 6-month low at 1.0622 Wednesday. The daily RSI was 15 at
Tue’s low, very oversold. As the pair approaches key support cluster including
61.8% of the 1.0182/1.1280 rise at 1.0601, and 1.0616 (Jul 2013 range high) (as
shown on the monthly chart), an oversold bounce is warranted.
On the 240min chart, the pair bounced off the 1.0622
Wednesday low to break through the falling wedge upper bounds and the falling 20-period moving average and signal further momentum towards 1.0698, near 23.6% of the 1.0962/1.0622 fall and then 1.0752 (38.2% retracement).
However, a decisive push below the aforementioned 1.0622/1.0616/1.0601 support zone would negate the upside and accelerate lower towards 1.0557 higher low (Dec 2013).
Usdcad 240minute chart
Usdcad daily chart
Usdcad monthly chart
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