USDCAD Bearish Divergence
The USCCAD is at Major Structural Resistance around 1.30 .
There have been 3 failed breakout attempts to the upside since Mid May 2022.
As price has printed higher highs, Momentum (RSI) had shifted down.
There is a divergence of PRICE and MOMENTUM.
As a pattern It could be a TRIPLE TOP. Looking for a price break of 128 level for a move to test Mid Level Support at 125.
Short Suggestion
1. Sell on Stop - 1.2795
2. Target - 1.2510
3. Stop Loss - 1.2910 ( above 50 EMA)
RR = 3
There have been 3 failed breakout attempts to the upside since Mid May 2022.
As price has printed higher highs, Momentum (RSI) had shifted down.
There is a divergence of PRICE and MOMENTUM.
As a pattern It could be a TRIPLE TOP. Looking for a price break of 128 level for a move to test Mid Level Support at 125.
Short Suggestion
1. Sell on Stop - 1.2795
2. Target - 1.2510
3. Stop Loss - 1.2910 ( above 50 EMA)
RR = 3
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