Bullish technical event alert USD/CAD

Is there a new uptrend emerging in the USD/CAD?

Charts (6)

Is there a new uptrend emerging in the USD/CAD?

Using the "technical Insight" research tool under the Market Analysis tab, we have identified a short-term Bullish technical event in the USD/CAD.

Williams %R short term bullish signal confirmed on USD/CAD 

There is evidence that the trend in the USD/CAD might have reversed after the Williams %R oscillator broke above its -50 median level indicating upside momentum after the pair recovered from oversold (dropped below -80 then rose above).

Williams %R is built on the premise that as prices increase, prices tend to be closer to the upper end of the recent price range, and vice versa. The oscillator looks at the most recent closing price bar as a percentage of the high-to-low price range over a specified period of time (14 bars) so when %R is high, it's likely we're seeing upward pressure, and vice versa. The line fluctuates between 0 and -100 with -20 and -80 often used to identify overbought and oversold conditions.



Source: GAIN Capital, Technical Insight

Happy trading. 


More from Forex

From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.