On Friday, February 02, there were aggressive purchases of USD/CAD. Quotations have the potential for further correction. A sufficiently strong reversal formation of the price and MACD histogram divergence was formed on the trading instrument (H4 timeframe). The local resistance is the level of 1.24400. We recommend you to pay attention to this situation.
If the price fixes above 1.24400, you should consider buying USD/CAD. The immediate goal of profit taking is a round level of 1.25000. In the medium term, the USD/CAD currency pair may reach the level of 1.25750-1.26500. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking the position, we recommend using a trailing stop.
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.Open Account