USD/CAD Daily Analysis
Price has been moving in a steady uptrend since the last quarter of 2024 with the big number 1.4600 next in sight.
However, an observation to note is that that the MACD has recently made a lower high, contradicting what is happening with price. We call this divergence and it's a sign that in this case buyers may be losing their grip of the market.
We could see either a short term or longer term sell off, but while price remains above the swing low of 1.42612, it would be advisable to remain patient and wait for a sell setup below this key price point.
However, an observation to note is that that the MACD has recently made a lower high, contradicting what is happening with price. We call this divergence and it's a sign that in this case buyers may be losing their grip of the market.
We could see either a short term or longer term sell off, but while price remains above the swing low of 1.42612, it would be advisable to remain patient and wait for a sell setup below this key price point.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Low-Cost Trading, for everyone, everywhere.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.