USD/CAD Bearish Divergence May Initiate a Correction

USD/CAD Bearish Divergence May Initiate a Correction

24 May 2016, 17:27
Roberto Jacobs
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USD/CAD Bearish Divergence May Initiate a Correction

The USD/CAD is currently sitting at resistance after a strong rally that was initiated by USD strength and another weakness in OIL prices.

H3 weekly camarilla pivot point resistance and MACD bearish divergence might tank the price towards POC (L3, WPP, historical breakout,50.0) within 1.3010-40 where traders might look for another long opportunity.

However a 4h close above 1.3205 could initiate another round of buying towards 1.3295 resistance.

Tomorrow is a very important day for traders as BOC will announce Overnight rate that will provide USD/CAD with huge volatility.


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