By Anton Eljwizat – The pair has recorded much bearish behavior in the past week. However, the technical data indicates that this trend may reverse anytime soon. For example, as I demonstrate below, the 4-hour chart signals that a bullish reversal is imminent, and it might have the potential of reaching towards 1.0500 levels in the coming days. This might be a good opportunity for forex traders to enter the trend at a very early stage and a great entry price.
• The technical indicators used are the Relative Strength Index (RSI), Williams Percent Range and MACD.
• Point 1: The Relative Strength Index (RSI) signals that the price of this pair currently floats in the over-sold territory, indicating upward pressure.
• Point 2: The Williams Percent Range also supports the upward direction.
• Point 3: The MACD indicates an impending bullish cross, which may signal an upward movement is going to occur in the near future.
• The volatile downward movement which occurred prior to this upward correction has generated these indicators, and there appears to be room for this correction to continue.
USD/CAD 4-Hour Chart
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