USDCAD tests 2016 highs

Obviously all the technicals suggest the USDCAD is overbought as the pair nears the 1.4700 level. The risk is near term that we consolidate at these higher levels, but if you are bearish, or looking for a reversal, tomorrow’s candle could give the market an evening star formation. But I would look for a daily close below the 1.4400 level to have a proper signal of a reversal lower.