(1,2353) The USDCAD confirmed a very strong closing after the impressive rally following the rate cut by the BoC! We believe the dollar is too high, especially if one believes that the US economy is really growing!!
The indicators of the daily chart are still well positive showing heavy overbought levels. Those of the s/t charts are also positive and overbought. The overshooting failed yet to form divergences and this oculd favour a return toward…… the start of the move up!!
We prefer staying short!!
| Resistance | 1.2395 | 1.2450 |
| Support | 1.2320 | 1.2275 |
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