USD/CAD alert

The US Dollar continues to take a drubbing, which may provide an opportunity to at least catch a dead cat bounce. One cross that is starting to look particularly attractive is the USD/CAD. We're back at the low from May of 2016, which should provide some immediate support; this 1.25 level was previously resistance in May of 2015, so it's obviously a very important level. We dipped beneath it earlier today on what I'm sure was just a stop run. Needless to say, today should provide a safe entry.

Also, another thing to keep in mind is that the Weekly RSI is sub-30, which happens to be an extremely low level, signalling that this cross is oversold. The Daily RSI is currently in the 16s, which is extremely oversold as it's been a non-stop ride down from the 1.37s in April.

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