The current technical pattern signals a possible correction of the USD/CAD currency pair after a continuous fall. 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 near the local resistance level of 1.31100. We recommend paying attention to this situation.
If the price fixes above the level of 1.31100, you should consider buying USD/CAD. The immediate goal for profit taking is 1.31400-1.31650. The movement is tending to 1.32000-1.32300. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking positions, 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