USD/CAD Trading Analysis (27/09/2024)
The trend is descending. The upward wave structure is truncated. The currency pair is trading in the range between 365 and 135 ЕМА. There is a bearish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals an overbought condition.
Trading idea:
- Sell at the beginning of the formation of the descending wave structure, when wave A breaks the level of 1.34827 (pivot 2 of wave C of the ascending structure).
- Stop-loss at the local maximum of the ascending truncated structure.
- Price targets at 1.3456 and 1.3420.
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