Hidden Bullish Divergence

FX:USDCAD   U.S. Dollar / Canadian Dollar
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The MACD is making lower lows, while price is making higher lows - known as hidden bullish divergence . An upward move and weakness of bears will be further confirmed when the MACD makes an upward crossover. Any long positions should wait for the MACD to make an upward crossover, which could be sometime this week.

Less resistance is found to the upside as the price is nearer to the first weekly support than to the first weekly resistance. (Fibonacci S&R levels).

Fundamentally, a better than expected GDP figure and personal consumption expenditure (PCE) prices for the US tomorrow (25.11.14) may see the entry signal given. However, retail sales are due tomorrow as well for Canada and a better than expected figure may see the USD-CAD             pair slide further.

Q3 annualized GDP for the US is expected to be 3.3% versus 3.5% in Q2, while retail sales for September for Canada are expected to grow 0.5%. PCE prices for the US are expected to show 2.3% quarterly growth.
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