With US Dollar making gains accros the board and reaching Overbought zone, we look at opportunities to buy it against the Canadian Dollar.
After performing a quick scan of the markets using the Trend/Wave/Extreme under the 4 Hour timeframe we can see that the USD is dominating accross the board. In all of the USD pairs most of the Trend and Extreme indicators are pointing Up Trending Overbought US Dollar. Therefore it may be best to wait and stay off the market at this point.
Moments ago the Canadian Dollar which was falling made some gains today following also the realease of better than expected trade figures.
USDCAD (H4) BUY
The Trend/Wave/Extreme mini view indicator is showing us
- Trend bar is Up Green filled pointing Up Trend
- Extremes bar is Down Red filled pointing the pair is oversold
- A solid up trend line chart pattern
*Note: The pair is still in correction mode so wait for two consecutive candles prior to buying as it possible for a reversal to occure here.
Read about the Trend/Wave/Extreme system here