USD/CAD nears falling trend line level

USDCAD H1 (06-08-2016 2232).png

CAD bulls are having a great time out there, courtesy of rising oil prices. A minor recovery can be seen above, which is likely to run into a falling trend line resistance.

Note the daily RSI is yet to hit the oversold territory, hence a failure to take out the trend line could turn out to be a nice opportunity for short entry.

In my opinion the downside appears restricted around 1.2616-1.26 levels.

 

 

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