FX:USDCAD   U.S. Dollar / Canadian Dollar

descending triangle formation on usdcad .

the market has stopped setting new higher highs and shown a row of lower highs instead
in confluence with clear rsi divergence.

our bias remains bearish and on focus is the horizontal support of a triangle.
breaking below the support, market will confirm bearish sentiment of its participants
and we can short the pair.

target levels will be 1.32 and 1.315

stop will be above the last lower high within a triangle

*Please, if you like my analysis, support this idea liking it and leaving a comment, thank you!:)
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Might we will see stop hunt of the bers first
Yes indeed can see that but usually when something is divergent the two run for some time in opposing direction not just for one time or two. From the 16th price and RSI have been completely moving in the same direction as far as new highs go. On the bottom side CAD has set a somewhat stable low / or in other words a flat bottom. Where RSI has not. I guess on that kind of structure one can say off the lows there is slight divergents going on. But then RSI is more of a momentum or a continuation to the trend indicator that is also lagging with indication. Because of this point, extended divergents is a stronger indicator because price leads RSI on all timeframes. This is why I was asking. But then this is my opinion on stuff being devergent.
VasilyPonomarev Morteza114332
I’m curious, you mention that RSI is divergent but from what I’m seeing is the RSI is in line with lower highs. If your saying the stated divergents is because CAD has a flat bottoming of price and RSI is still setting lower lows then to me this only shows market momentum building towards a possible break lower. Interested in some of your views on this divergents think you’ve posted. TY
VasilyPonomarev PipsTradingClub
@PipsTradingClub, hello
Please, analyze the price action from 16th
Market sets new higher high higher close while on rsi we have a lower high
Share your thoughts on USDCAD here
Imipkk VasilyPonomarev
@VasilyPonomarev, bro price is already at 1.32367 now i can take postion for sell at this point in coming week.
@Imipkk, hey man! You can!
For now I am passive observer :)
Imipkk VasilyPonomarev
@VasilyPonomarev, alright
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