logo

FX.co ★ USDCAD follows our strategy after the rejection at 1.3150.

USDCAD follows our strategy after the rejection at 1.3150.

In our last USDCAD analysis we noted that the rejection and bearish reversal at the 1.3150-1.3130 area would lead to another pull back towards 1.30-1.29 and lower. Price got rejected at the back test of the broken trend line support and is now making new lower lows.

See also: InstaForex is one of the leaders in the Forex market, 12 years on the market, more than 7,000,000 active clients
USDCAD follows our strategy after the rejection at 1.3150.

Red line -resistance

Green line- support

Blue line - bullish divergence

USDCAD is trading again below 1.30 making new lower lows. The RSI doesn't follow and is instead providing us a bullish divergence. As we explained before, this is not a reversal signal, but just a warning. However if price continues lower we might see this divergence get canceled. So unless price confirms a reversal we remain bearish. In our last analysis we noted that as long as price is below 1.3150 we remain bearish. Our stop is lowered to 1.310 and if price reaches 1.29 we could lower stop to 1.30.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account