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- USD/CAD: Oversold on daily chart; sidelined n-term - Citi
USD/CAD: Oversold on daily chart; sidelined n-term - Citi
Citi discusses USD/CAD technical outlook and shifts to a neutral bias in the near-term.
"Momentum on the daily chart has now moved to the most oversold we have seen since after the double top in late December 2017 and is starting to turn up. That turn higher in momentum in Jan 2018 saw a good bounce in USDCAD," Citi notes.
"With some overall lack of momentum short-term in the USD down move starting to develop and a lot of event risk beckoning we are happy to move to the sidelines on this," Citi adds.
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