The USDCAD price posted strong gains in its latest intraday trading, reaching the 1.3990 resistance level, which was our price target in previous analysis. This comes amid the dominance of the short-term bullish corrective trend, alongside continued positive pressure from trading above EMA50, which acts as dynamic support and reinforces the chances of further gains.
This coincides with positive signals emerging from the relative strength indicators, despite their reaching extremely overbought levels, reflecting the possibility of working off these overbought conditions in the near term, particularly after the price reached this resistance level.
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