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USD/CAD short-term extreme overbought

The 4hr RSI was printing below 50% most of the last three weeks and recently broke above the 60% mark.

USD/CAD was in sell mode -the 50SMA placed below the 200SMA on 4hr charts-, until it failed to cooperate with these trend indicators. Now the oscillators point to a short-term extreme overbought zone which may allow sellers to adhere to a continuation move with the prevailing down trend.

However, should the pair extend its recovery from multi-week lows into a new trend, short positions may require a contingency plan.

United States Monthly Budget Statement came in at $-43B, above forecasts ($-73B) in July

United States Monthly Budget Statement came in at $-43B, above forecasts ($-73B) in July
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WTI intermarket: stocks down, risk off, too much production

WTI has dropped along with the dollar and stocks. WTI fell from $50.35 down to $48.60 and there have been a number of factors at play behind the scene
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