This is just an idea, not financial advice.
In the chart you will see that since USDCAD had its upward breakout there has been a large divergence forming which has been confirmed by both the RSI as well as the MACD.
While the 4hr chart and above may be the most accurate in terms of divergences playing out, it is clear that here we see a confirmed divergence telling us that the trend, from a 1hr POV, will soon switch to a downward trend and test previous major support levels. A good signal of this will be the official break of the current ascending channel that has been formed.
If you agree with this idea, please give it a thumbs up and follow me for more analysis on major pairs.
Best of luck traders!
In the chart you will see that since USDCAD had its upward breakout there has been a large divergence forming which has been confirmed by both the RSI as well as the MACD.
While the 4hr chart and above may be the most accurate in terms of divergences playing out, it is clear that here we see a confirmed divergence telling us that the trend, from a 1hr POV, will soon switch to a downward trend and test previous major support levels. A good signal of this will be the official break of the current ascending channel that has been formed.
If you agree with this idea, please give it a thumbs up and follow me for more analysis on major pairs.
Best of luck traders!