Hello Traders,
The USDCAD looks to continue its move lower with upcoming employment numbers out of the US and Canada. The USD has been weak with the world economy re-opening and it appears this trend is going to continue.
From a technical viewpoint, Hidden Bearish Divergence is forming on the 4H MACD/Price Chart. On the 2H, the Hidden Bearish Divergence has already formed. From a Daily perspective, the price was rejected off the 240-LMA on the prior candle. I will be watching the Daily chart to see if the price is rejected at the 240-LMA again later this evening.
Thanks for reading. If you liked my analysis, please give me a follow.
*The above is not investment advice but simply my analysis of the current market conditions*
The USDCAD looks to continue its move lower with upcoming employment numbers out of the US and Canada. The USD has been weak with the world economy re-opening and it appears this trend is going to continue.
From a technical viewpoint, Hidden Bearish Divergence is forming on the 4H MACD/Price Chart. On the 2H, the Hidden Bearish Divergence has already formed. From a Daily perspective, the price was rejected off the 240-LMA on the prior candle. I will be watching the Daily chart to see if the price is rejected at the 240-LMA again later this evening.
Thanks for reading. If you liked my analysis, please give me a follow.
*The above is not investment advice but simply my analysis of the current market conditions*