USD/CAD Potential Bounce on a Super-Dot
The USD/CAD has formed a super-dot within 1.3050 zone. The super-dot ™ is an extreme for the price and usually its followed by a reversal as a countertrend or a continuation in a trend.
This time the super-dot signals for a potential reversal from 1.3050. It seems that bearish trend came to a stall and oversold reading on the pair will induce profit taking. Targets are 1.3092, 1.3318 and 1.3150. However, 1.3000 needs to stay strong for this to happen. A close above 1.3150 might induce a bullish continuation move towards 1.3225. Only below 1.3000 the pair will be bearish.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX