USD/CAD 1HR BEARISH CONTINUATION
good evening traders! tonight i will walk you through my prediction for usd/cad
firstly as you can see via the red trend line the pair is in a clear downtrend and has been all week
my second confirmation is the hidden bearish divergence characterized by price making lower highs but our slow stochastic making higher highs, you can see this clearly via the two white lines on the chart.
my final confirmation is the adx making a move back up indicating this trend may still have some strength left
from the looks of the stochastic price could make a minor reversal so i would advise waiting for the price to retest the trend line , however with such strong bearish pressure i feel the stochastic will turn back around before then.
firstly as you can see via the red trend line the pair is in a clear downtrend and has been all week
my second confirmation is the hidden bearish divergence characterized by price making lower highs but our slow stochastic making higher highs, you can see this clearly via the two white lines on the chart.
my final confirmation is the adx making a move back up indicating this trend may still have some strength left
from the looks of the stochastic price could make a minor reversal so i would advise waiting for the price to retest the trend line , however with such strong bearish pressure i feel the stochastic will turn back around before then.
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