USDCAD is showing a potential long setup on the 1H chart following an extended bearish move.
Price has continued making lower lows, while RSI has formed higher lows, creating bullish divergence. This suggests that selling momentum may be weakening despite the sustained downward pressure.
Following the decline from the 1.4300 region, USDCAD has approached the psychological 1.4000 support level, where early signs of bullish momentum recovery are emerging.
A recent bounce from the lows, accompanied by an RSI recovery toward 47, suggests the possibility of a short-term corrective move.
Trade idea:
- Entry area: ~1.4033
- Stop loss: ~1.4008
- Target: ~1.4069
- Risk-to-reward: Approximately 1:1.5
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