Divergence on USD/CAD

Divergence on USD/CAD

Since the beginning of this week, aggressive sales of USD/CAD have been observed. For this period, the drop in quotations has been almost 200 points. Nevertheless, a technical correction is not ruled out in the near future. At the moment, a classic reversal formation of the price and MACD histogram divergence has been formed (H1 timeframe). The local resistance is the level of 1.26200. We recommend you to pay attention to this situation.

If the price fixes above 1.26200, you should consider buying USD/CAD. The closest target for profit taking is the resistance level of 1.26750. The movement is tending to 1.27100-1.27500. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking the position, we recommend using a trailing stop.

by JustForex, 2018.04.12

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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