August 16, 2023 16:36 GMT
USDCAD Pushes Into Overbought Territory For First Time Since March
[correcting 1238ET bullet which incorrectly said oversold and not overbought]
- The tilt to new session lows for the S&P e-mini comes with USDCAD clearing resistance at 1.3523 (76.4% retrace of May 26-Jul 14 downleg) to next open 1.3585 (Jun 1 high).
- Its high of 1.3530 aligns with a 14-day RSI of 72, pushing into overbought territory for the first time since March.
- WTI at $80.4/bbl is testing both session and yesterday’s lows, with high beta majors generally underperforming on the day but with CAD at least outperforming AUD, NOK and SEK as a function of the net USD strength.