Technical analysis signals a possible correction of the USD/CAD currency pair after significant growth over the past two weeks. There is a classic reversal formation in the trading instrument – the price and MACD histogram divergence (H1 timeframe). At the moment, the USD/CAD quotes are consolidating near the round level of 1.33000. The local support is the mark of 1.32650. We recommend you to pay attention to this situation.
If the price fixes below the level of 1.32650, one should look for entry points to the market to open short positions. The immediate goal for fixing profit is 1.32300-1.32000. In the medium term, the USD/CAD currency pair may reach the level of 1.31600-1.31100. 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.