USDCAD bearish signals

FX:USDCAD   U.S. Dollar / Canadian Dollar
The RSI has once again moved over this 70 level, as the price has moved closer to this resistance level . It is very likely that the price would start to move down from here. This also links in with the long-term analysis I have done which is also showing bearish signals. The price is very close to reaching a significant resistance level and is being pushed down.
Will the crude oil inventories mess up with this analysis? That's the only thing that concerns me.
+1 Reply
JohnnyPurtoy98 luigifaldetta95
@luigifaldetta95, Yes, this is something that can make the market very volatile. Usually, this volatility starts to slow down after and hour or so, I would wait till the data has been released before placing any trades on this pair.
luigifaldetta95 JohnnyPurtoy98
@JohnnyPurtoy98, Thank you for your reply!
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