USD/CAD: Oversold on daily chart; sidelined n-term - Citi

Market news

28 October 2019

USD/CAD: Oversold on daily chart; sidelined n-term - Citi

Citi discusses USD/CAD technical outlook and shifts to a neutral bias in the near-term.

"Momentum on the daily chart has now moved to the most oversold we have seen since after the double top in late December 2017 and is starting to turn up. That turn higher in momentum in Jan 2018 saw a good bounce in USDCAD," Citi notes.

"With some overall lack of momentum short-term in the USD down move starting to develop and a lot of event risk beckoning we are happy to move to the sidelines on this," Citi adds.

Goldman says rush from stocks to cash, bonds biggest since 2008

EU will 'most likely' agree Jan. 31 Brexit delay on Monday - French source

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.