The US dollar looks like finally created a short-term top against the Canadian Dollar. There is a nice toppish pattern forming on the daily chart of the USDCAD pair, and there is also a divergence formed. All signaling a short-term top in the USDCAD pair.
We can look for a sell opportunity from the current or a bit lower levels, and wait for a correction in two waves on the 4-hours chart to enter a sell trade with a divergence.
Technical Analysis
D1– Daily chart highlighting a short-term top pattern.
Sell Entry:
H4 – If USDCAD pair trades in two waves higher from the current or a bit lower levels, forms a divergence or breaks any bullish trend line formed on the 4-hours chart, then we can look to enter a sell trade as shown in the chart.
Target 1: 1.4250
Target 2: 1.4150
Stop Loss: Above the last high created or 1.4650.
Video Explanation:
Yours,
Vladimir
Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of December…
The rally in U.S. stocks is encountering a fresh hurdle -- a potentially problematic rise…
Hi Traders! EURAUD short term forecast and technical analysis post is here. We do our…
Hi Traders! GBPCHF short term forecast follow-up and update is here. On October 3th, 2024…
Hi Traders! AUDJPY short term forecast and technical analysis post is here. We do our…
Hi Traders! GBPCAD short term forecast update and follow up is here. On November 26th,…