Bullish Technical Event Alert USD/CAD

Is there a new uptrend emerging in the USD/CAD?

Using the “technical Insight” research tool under the Market Analysis tab, we have identified a short-term Bullish technical event in the USD/CAD.

Williams %R short term bullish signal confirmed on USD/CAD

There is evidence that the trend in the USD/CAD might have reversed after the Williams %R oscillator broke above its -50 median level indicating upside momentum after the pair recovered from oversold (dropped below -80 then rose above).

Williams %R is built on the premise that as prices increase, prices tend to be closer to the upper end of the recent price range, and vice versa. The oscillator looks at the most recent closing price bar as a percentage of the high-to-low price range over a specified period of time (14 bars) so when %R is high, it’s likely we’re seeing upward pressure, and vice versa. The line fluctuates between 0 and -100 with -20 and -80 often used to identify overbought and oversold conditions.