Divergence on the USD/CAD Currency Pair

Divergence on the USD/CAD Currency Pair

The current technical pattern signals a possible correction of the USD/CAD currency pair. A classic reversal formation has been formed in the trading instrument – the price and histogram MACD divergence (H4 timeframe). At the moment the USD/CAD quotes are testing the "mirror" resistance of 1.30800. We recommend you to pay attention to this situation.

If the price fixes above the 1.30800 mark, one should consider buying USD/CAD. The immediate goal for profit taking is the resistance level of 1.31350. In the medium term, the USD/CAD currency pair may reach the level of 1.31850-1.32200. 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, 2018.08.08

Este artículo representa una opinión personal y no debe interpretarse como un consejo de inversión, y/u oferta, y/o una petición persistente para llevar a cabo transacciones financieras, y/o una garantía, y/o un pronóstico de eventos futuros.

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