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Apr 14 - 08:55 AM

USD/CAD - Most Oversold Since 2021, Warning Against Chasing Lower

By Justin Mcqueen  —  Apr 14 - 06:55 AM
  • USD/CAD selling persists as USD index approaches YTD low (100.80)

  • Daily RSI now lowest since Oct 2021. Warning against chasing USD/CAD lower

  • Plethora of support: 1.3263 (YTD low), 1.3237 (55WMA), 1.3226 (Nov 18 low)

  • Topside hurdles situated 1.3400 (200DMA) and 1.3450 (psychological)

  • Highly exp. weak U.S. retail sales raises risk of unorthodox reaction

  • USD may see short-lived move lower on data unless there is a big miss

Source:
Refinitiv IFR Research/Market Commentary

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