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
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