USDCAD Will Go Down! Short!

Here is our detailed technical review for USDCAD.

Time Frame: 1h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish

The market is testing a major horizontal structure 1.364.

The above-mentioned technicals clearly indicate the dominance of sellers on the market. I recommend shorting the instrument, aiming at 1.360 level.

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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