After the LONG awaited channel break, USDCAD has been dropping relentlessly, but now it is entering the reversal zone. There may be more movement down if the support levels
are broken. For now, we should expect it to either go long short-term, a bull run for the long term, or more strong downwards movement after the reversal zone is broken (less likely).
Support for upcoming Reversal:
MACD: You can see a clear divergence forming in the MACD of the day timeframe.
RSI: Getting ready to break the resistance line. Once the resistance line is broken we should expect a trend reversal.
DMI: ADX line is getting near previous highs. We should expect it to start losing its steam and reverse around the 60-65 levels.
are broken. For now, we should expect it to either go long short-term, a bull run for the long term, or more strong downwards movement after the reversal zone is broken (less likely).
Support for upcoming Reversal:
MACD: You can see a clear divergence forming in the MACD of the day timeframe.
RSI: Getting ready to break the resistance line. Once the resistance line is broken we should expect a trend reversal.
DMI: ADX line is getting near previous highs. We should expect it to start losing its steam and reverse around the 60-65 levels.