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USD/CAD short-term extreme overbought

The 4hr RSI was printing below 50% most of the last three weeks and recently broke above the 60% mark.

USD/CAD was in sell mode -the 50SMA placed below the 200SMA on 4hr charts-, until it failed to cooperate with these trend indicators. Now the oscillators point to a short-term extreme overbought zone which may allow sellers to adhere to a continuation move with the prevailing down trend.

However, should the pair extend its recovery from multi-week lows into a new trend, short positions may require a contingency plan.

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USD/CAD: 1.28/1.29 key area of support

USD/CAD has popped higher through the 200 SMA on the hourly sticks that resides at 1.2967 currently, targeting 1.3000 and last week's highs of 1.3080. The pair recovers on the back of WTI slipping to the lower of $46.00. The greenback continues to pair losses across the board leaving the upside vulnerable.
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