4:19 PM · 24 March 2021

USDCAD tests local support

When looking at USDCAD on the H1 interval from the technical point of view, one can see the last upward move is "held" by the lower limit of the local 1:1 structure. The last 3 downward corrections were almost identical, which, in line with the Overbalance methodology, indicates a short-term bullish sentiment. If the buyers manage to defend the support at 1.2540, another upward impulse may be on the cards. However in case of a break below the aforementioned support, downward move may accelerate.

USDCAD interval H1. Source: xStation5

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