During the last sessions, the USD/СAD currency pair has been moving in a sideways trend. The current technical pattern indicates a correction of the trading instrument after a sharp decline last week. At the moment, a fairly strong reversal formation of the price and MACD histogram divergence has been formed (H1 timeframe). The local resistance is the level of 1.29150. We recommend you to pay attention to this situation.
If the price fixes above the level of 1.29150, you need to look for entry points to the market to open long positions. The immediate goal of fixing profit is 1.29600. The target movement level is the offer zone of 1.29900-1.30150. When tracking the 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.