amanpaulbhogal
Short

Divergence, again, on USD/CAD

FX:USDCAD   U.S. Dollar/Canadian Dollar
Although in a healthy uptrend, USDCAD             has run into resistance at ~1.3070 which happens to be a price level on the weekly chart that has previously been tested (as support in April 2004 and resistance in March 2009). Price closed below this level on Friday as a high test bar. Coupled with bearish divergence on the Stochastic and RSI indicator a price action behaviour is suggestive of bearish sentiment. Judging by the optimistic Fed outlook to raise interest rates, and positive expectation from the US economy from improving economic data, a stronger US Dollar             is likely to continue. The following short setup banks on a technical perspective to take advantage of a sell signal; potentially a temporary run.

entry - below low of high test bar
stop loss - above high of high test bar
target - previous level at ~1.2771
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out