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U.S. Dollar / Canadian Dollar

USDCAD (H4) - Wait to Buy(or Sell)!

By forex47_
Updated
  • Negative Divergence RSI (Blue line) created a bullish reaction of USDCAD (H4) last weekend.

  • RSI trendline has formed, however the resistance of 60 is still be there.

  • The downtrend is dominant, the uptrend has not really formed.

  • An uptrend will form if the rate approaches the 1.24724-1.24982 resistance level (Fibonacci Extensions [1.618]).

    *Therefore, we wait for an uptrend and then find a key point to buy.
Note
USDCAD fell to an unusual break.
Cancel the trading plan!
FibonacciFibonacci ExtensionforexsignalsOscillatorsPivot PointsUSDCAD
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