The current technical pattern signals a possible correction of the USD/CAD currency pair after a prolonged rally. In a trading instrument, a classic reversal formation has been formed – the price and MACD histogram divergence (H1 timeframe). At the moment, the USD/CAD currency pair is consolidating. A trading instrument is testing the round level of 1.36000. We recommend paying attention to this situation.
If the price fixes below 1.36000, one should look for entry points to the market to open short positions. The immediate goal for profit taking is the local support level of 1.35650. The movement is tending to 1.35200-1.34900. When following a 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.