USDCAD continued to rise during its latest intraday trading, reaching EMA50’s resistance, supported by positive signals emerging from the relative strength indicators. However, the indicators entering severely overbought territory may signal a potential weakening of the bullish momentum surrounding the pair in the near term.
This comes amid the dominance of the main short-term bearish trend, coinciding with the price moving alongside a trendline supporting this path, which limits the chances of further gains and makes the current rise more likely to be a corrective attempt within the prevailing bearish trend.
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USDJPY maintained a series of consecutive gains during its latest intraday trading, supported by positive signals emerging from the relative strength indicators, attempting to correct the main short-term bearish trend, amid continued negative pressure resulting from trading below EMA50, which acts as dynamic resistance and limits the chances of a full recovery in the near term.
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