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Divergence on USD/CAD

Divergence on USD/CAD

The current technical pattern signals a possible correction of the USD/CAD currency pair after a continuous fall. A classic reversal formation, the divergence of price and MACD histogram (H1 timeframe), has been formed in the trading instrument. Quotes are testing three-month lows. The round level of 1.31000 is the nearest resistance. We recommend paying attention to this situation.

If the price fixes above 1.31000, USD/CAD purchases should be considered. The immediate goal for profit taking is 1.31250-1.31450. The movement is tending to 1.31800-1.32100. Confirmations and market entry points should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.

by JustMarkets 2019.10.24

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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