USD/CAD trading idea | June 20, 2022
Here is trading idea for USD/CAD forex pair based on my multi timeframe analysis.
The EMA crossover took place on the H1 timeframe chart of the USD/CAD. RSI crossed below 50 at the same time. It can start a bearish swing on the H1 timeframe chart.
The forex pair a bearish divergence on the H4 timeframe chart which implies exhaustion of bulls and the beginning of a downward move anytime soon.
The currency pair has been trading in a range on W1 time-frame, which is why it may return to the mid band of the Bollinger. I am not targeting mid-band on W1, my target is based on 1:1::risk:reward on H1 time-frame; however, the bearish setup on W1 time-frame is one of the bearish factors that is in favor of my trade.