Will the Loonie rally continue??
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*
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