USD/CAD Uptrend Intact Despite RSI Nearing Overbought
The Canadian Dollar recovers some ground against the US Dollar on Thursday, but the uptrend for USD/CAD remains intact as the RSI approaches overbought territory.
USDCAD
USD/CAD reversed earlier gains on Thursday as the Canadian Dollar clawed back some ground. The pair's uptrend remains intact, although the Relative Strength Index (RSI) is nearing overbought levels, suggesting caution for further upside.
Traders are weighing a softer US Dollar against lower crude oil prices, which typically weigh on the commodity-linked Canadian Dollar. The conflicting factors have kept the pair in a tight range.
Source: FXStreet Forex News