{"id":17315,"date":"2021-10-27T06:31:00","date_gmt":"2021-10-27T05:31:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=17315"},"modified":"2021-10-28T20:06:13","modified_gmt":"2021-10-28T19:06:13","slug":"usdcad-technical-analysis-watching-bullish-divergence","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/usdcad-technical-analysis-watching-bullish-divergence\/","title":{"rendered":"USDCAD Technical Analysis &#8211; Watching bullish divergence"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"17315\" class=\"elementor elementor-17315\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8b68fd9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8b68fd9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b9f7711\" data-id=\"b9f7711\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-92377d4 elementor-widget elementor-widget-text-editor\" data-id=\"92377d4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The US dollar has remained largely under pressure against the Canadian, after the pair as <a href=\"https:\/\/bit.ly\/3jnkwKA\" target=\"_blank\" rel=\"noopener\">oil prices<\/a> have been rally above the $80.00 level and the <a href=\"https:\/\/bit.ly\/3zVm8kX\" target=\"_blank\" rel=\"noopener\">US dollar index<\/a> remains in bearish correction mode.<\/p><p><a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\" rel=\"noopener\">USDCAD<\/a> traders do need to be careful because the downside is still being limited, despite oil price surging to new highs, the USDCAD pair is no longer making new lows on the foreign exchange market.<\/p><p>Canada&#8217;s rising inflation and recovering job market are raising pressure on the Bank of Canada to hike interest rates this week, with investors looking for confirmation the central bank is turning more hawkish today.<\/p><p>The last Canadian jobs reports showed a clear divergence, with the US jobs report vastly outperforming to the upside and making it more difficult for the Bank of Canada to remain on the fence.<\/p><p>Common sense would dictate the USDCAD pair will continue to fall further, however, bullish MACD price divergence is warning that a potential final rally towards the 1.2500 level could still happen.<\/p><p>Additionally, we should also consider that some traders and investors may be reluctant to take on a position until after the November FOMC meeting is over, giving the expectations towards QE tapering being announced.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-38da734 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"38da734\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-515909f\" data-id=\"515909f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1ad82ee elementor-widget elementor-widget-image\" data-id=\"1ad82ee\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"453\" height=\"165\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/10\/USDCAD-CHART-1.png\" class=\"attachment-large size-large wp-image-17320\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a48c5cc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a48c5cc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0426d04\" data-id=\"0426d04\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2f87291 elementor-widget elementor-widget-text-editor\" data-id=\"2f87291\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>High levels of positive sentiment are still seen towards the USDCAD pair, with some 90 percent of traders holding a bullish view towards the USDCAD pair.<\/p><p>This strong bullish sentiment is a warning of more potential losses ahead if we take this as big contrarian signal, as retail traders are usually on the wrong side of the trend of late to the party.<\/p><p><strong>USDCAD Short-Term Technical Analysis<\/strong><\/p><p>The four-hour time frame shows that a large, inverted head and shoulders pattern continues to form, with the latest bounce from the 1.2400 area helping to form the bullish reversal pattern..<\/p><p>Significant amounts of bearish MACD price divergence have formed during this recent price decline and extends towards the 1.2500 level. Watch out for further gains as the divergence continues to unwind if the 1.2400 area cracks, which is also neckline of the mentioned bullish pattern.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-56ba513 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"56ba513\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fd5c21f\" data-id=\"fd5c21f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-63b7559 elementor-widget elementor-widget-image\" data-id=\"63b7559\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"936\" height=\"568\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/10\/USDCAD-4H-1.png\" class=\"attachment-large size-large wp-image-17322\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-38fb95c8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"38fb95c8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a86420c\" data-id=\"a86420c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2d14f7c7 elementor-widget elementor-widget-text-editor\" data-id=\"2d14f7c7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-95aae6d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"95aae6d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-85657bc\" data-id=\"85657bc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2987a27 elementor-widget elementor-widget-text-editor\" data-id=\"2987a27\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>USDCAD Medium-Term Technical Analysis<\/strong><\/p><p>A bearish double-top has recently formed with the recent series of upside failure above the 1.2900 resistance level. Double tops are amongst the most bearish price patterns and are dampening the medium-term outlook.<\/p><p>Much will depend monetary policy, but it does look like the 1.2000 level will be tested sooner rather than later. Rallies towards the 1.2500 to 1.2600 resistance zones are probably best to sell.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1620a1d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1620a1d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9c1de6d\" data-id=\"9c1de6d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a453d45 elementor-widget elementor-widget-image\" data-id=\"a453d45\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"936\" height=\"559\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/10\/USDCAD-1D-1.png\" class=\"attachment-large size-large wp-image-17323\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-19647705 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"19647705\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5dd27bd7\" data-id=\"5dd27bd7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-24808bd3 elementor-widget elementor-widget-text-editor\" data-id=\"24808bd3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The US dollar has remained largely under pressure against the Canadian, after the pair as oil prices have been rally above the $80.00 level and the US dollar index remains in bearish correction mode. USDCAD traders do need to be careful because the downside is still being limited, despite oil price surging to new highs, [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":17317,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[64,40,31],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>USDCAD Technical Analysis - Watching bullish divergence - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/usdcad-technical-analysis-watching-bullish-divergence\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"USDCAD Technical Analysis - Watching bullish divergence\" \/>\n<meta property=\"og:description\" content=\"The US dollar has remained largely under pressure against the Canadian, after the pair as oil prices have been rally above the $80.00 level and the US dollar index remains in bearish correction mode. USDCAD traders do need to be careful because the downside is still being limited, despite oil price surging to new highs, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/usdcad-technical-analysis-watching-bullish-divergence\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-27T05:31:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-28T19:06:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/10\/GettyImages-164907771-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1047\" \/>\n\t<meta property=\"og:image:height\" content=\"439\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/usdcad-technical-analysis-watching-bullish-divergence\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/usdcad-technical-analysis-watching-bullish-divergence\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"USDCAD Technical Analysis &#8211; 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