USDCAD hitting resistance
USDCAD has been here for the past 4 hours trying to break the resistance area indicated by the purple line. Over the past couple of months when UC has this much trouble breaking through the resistance it is promptly followed by a long fall down. Stochastic and RSI are indicating overbought conditions, and the AO looks to be near the zenith of the rise to this level. I expect it to come back down to the downward trend line indicated by the grey line over the next 24 hours.
Of course, I've been wrong before. If UC manages to break this resistance it will likely head toward 1.3500 again.
Of course, I've been wrong before. If UC manages to break this resistance it will likely head toward 1.3500 again.
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