USD/CAD: Possible Long Setup RSI Divergence on H4 timeframe.
The USD/CAD currency pair is currently exerting considerable effort to prolong its upward movement beyond the 1.3250 level, with the upcoming release of Canadian Retail Sales data looming on the horizon. One notable factor causing a sense of hesitancy in the market is the anticipation of the Federal Reserve's chosen approach in its pursuit of attaining price stability.
As per the latest projections, the Monthly Retail Sales figures are expected to show a growth of 0.2%, marking a rebound from the previous contraction of 1.4%. It is worth mentioning that our analysis for a potential long setup is further supported by a divergence observed on the RSI (Relative Strength Index) indicator, suggesting a potential reversal in price momentum.
Considering these factors, we believe it is prudent to explore a long position opportunity in the USD/CAD pair, anticipating a potential continuation of its recovery beyond the 1.3250 level.
As per the latest projections, the Monthly Retail Sales figures are expected to show a growth of 0.2%, marking a rebound from the previous contraction of 1.4%. It is worth mentioning that our analysis for a potential long setup is further supported by a divergence observed on the RSI (Relative Strength Index) indicator, suggesting a potential reversal in price momentum.
Considering these factors, we believe it is prudent to explore a long position opportunity in the USD/CAD pair, anticipating a potential continuation of its recovery beyond the 1.3250 level.
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