fractal_trader

USDCAD Daily: Divergence after Downtrend while Weekly at Support

FX:USDCAD   U.S. Dollar/Canadian Dollar
After the weekly showed divergence on the uptrend from Jul 2014 to Jan 2016, prices dropped rapidly through the balance zone and have been trading below it for the last couple of weeks. On the daily this action unfolded in a tradable downtrend that now shows divergence. Prices are appraoching a support level on the weekly chart. This current movement is obviously a correction on the weekly and might now lead to establishing a turning point for prices to move higher into the balance zone.
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