The increase led to overvalued market conditions, so that it can now come to a downward movement, where the USD/CAD pendulum of buyers and sellers moves in the direction of the bear.
The USD/CAD is in the sale mode, the course structure has changed. The RSI on the 4-hour period the base was the last 3 weeks, on average, below the 50 level and recently there was a rise above the 60 level. Against the Background of a bear market so overbought conditions were reached. Therefore, the correction rally is now vulnerable to a reversal of the trend.
The 50 SMA is on the 4-hourly chart under the 200-SMA. The recovery from the Multi-should be strengthened-week low, as traders will need to have a contingency plan.
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