EUR/CAD Short Taken @1.6205 with Hourly Studies Through the Roof


Eur/Cad: After capturing some sizeable profits on our long from several days back we have decided to initiate a short position late Tuesday with the market so heavily overbought intraday. The hourly RSI is near an unusually high and abnormal 90, while the daily RSI is flirting with 70. We will look to hold the position into the close and see how things settle up. There is plenty of room for a healthy pullback towards 1.6000 over the coming hours. [B]Position: SHORT @1.6205 FOR AN OPEN OBJECTIVE, STOP @1.6365.


Written by Joel Kruger, Technical Currency Strategist for
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