USDCAD looking for a reversal based on daily overbought readings
USDCAD has been hammered and just hit hard. Looking for a reversal here after some testing. My reasons for a reversal soon are based on these technical indicators:
MACD
Just from my quick look back, we haven't seen the MACD this low since 03/2016. It is WAY down and looks like its about to cross up. We just need to be careful about oil's price which would/could nullify any technical analysis here.
RSI
RSI is very bought, would like to see it actually come down to cross the overbought line though.
OBV
The OBV is down a ton and it's EMA shows its in extremely down territory, increasing chances for some change in the trend. Although this indicator still shows it is healthy bearish.
Candlestick
The close of the 27th and the 28th are pretty darn close with the 27th being (depending on what you interpret) a bullish engulfing candle, but the close of Friday is a very near equal bearish candle. It will be interesting to watch how this plays out.
MACD
Just from my quick look back, we haven't seen the MACD this low since 03/2016. It is WAY down and looks like its about to cross up. We just need to be careful about oil's price which would/could nullify any technical analysis here.
RSI
RSI is very bought, would like to see it actually come down to cross the overbought line though.
OBV
The OBV is down a ton and it's EMA shows its in extremely down territory, increasing chances for some change in the trend. Although this indicator still shows it is healthy bearish.
Candlestick
The close of the 27th and the 28th are pretty darn close with the 27th being (depending on what you interpret) a bullish engulfing candle, but the close of Friday is a very near equal bearish candle. It will be interesting to watch how this plays out.
Trade active
Long idea working out nicely so far, on this renko chart I highlighted a break (finally) of a historic resistance area. It is also approaching and may pass the 130 MA.Note
Trade active
Still in long, half of position got hit with a stop for some profit due to some wild movement today, but USDCAD has definitely decided to respect that level at 1.25515.Note
Broke out of that channel, and now we are testing that breakout, continuing to hold long. I am really looking for a break of the 1/1 line to hold. 
Note
Wrong chart linked up there! Sorry! 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.