Divergence on USD/CAD

Divergence on USD/CAD

The current technical pattern signals a possible correction of the USD/CAD currency pair after a prolonged growth. A classic reversal formation, the divergence of price and MACD histogram (H1 timeframe), has been formed in the trading instrument. At the moment, USD/CAD quotes are stable. The level of 1.3285 is the nearest support. We recommend paying attention to this situation.

If the price fixes below 1.3285, USD/CAD sales should be considered. The immediate goal for profit taking is 1.3265-1.3250. The movement is tending to 1.3220-1.3190. Confirmations and market entry points should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.

by JustForex 2020.02.10

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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