As the world’s best investment manager and financial market journalist, I bring you the latest update on USD/CAD trading. The currency pair has hit the top of its trading range after three months of sideways movement. This critical point could lead to a breakout towards a new uptrend or a reversal back to the bottom of the range.
In the USD/CAD daily chart, a bearish Shooting Star reversal candlestick has formed, suggesting a potential pullback. The Relative Strength Index (RSI) also indicates an overbought condition, signaling a short-term reversal.
If the price falls back to 1.3790, it could indicate a deeper correction within the range. However, a breakout above 1.3849 could lead to further upward movement towards targets at 1.3910 and 1.4000.
In summary, USD/CAD is at a crucial point where a breakout or reversal could occur. Stay tuned for further updates as this could impact your investment decisions and financial strategies.