Recently, the USD/CAD pair has been trading downwards. The price tested the level of 1.2884. Anyway, according to the H4 time – frame, I found that price rejected from the strong support at the price of 1.2887 (bottom of the channel and previous swing low), which is a sign that selling at this stage looks risky. I also found a hidden bullish divergence on the MACD oscillator, which is another sign of strength. My advice is to watch for buying opportunities. The upward targets are set at the price of 1.3060 and at the price of 1.3105.
Blue line – expected price path
The material has been provided by InstaForex Company – www.instaforex.com
Recently, the USD/CAD pair has been trading downwards. The price tested the level of 1.2884. Anyway, according to the H4 time – frame, I found that price rejected from the strong support at the price of 1.2887 (bottom of the channel and previous swing low), which is a sign that selling at this stage looks risky. I also found a hidden bullish divergence on the MACD oscillator, which is another sign of strength. My advice is to watch for buying opportunities. The upward targets are set at the price of 1.3060 and at the price of 1.3105.
Blue line – expected price path
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: