FX.co ★ USD/CAD

THE CURRENCY PAIR USD-CAD The wave structure here is building its order upwards; the MACD indicator is growing in the upper purchase zone and above its signal line. October turned out to be completely growing, as from the beginning of the month they began to grow, and this growth still cannot stop. A new month of November has begun; it would be good for large players to fix their positions for purchase.As a result, a good downward rollback may happen in the near future, which, however, has long been brewing. On the considered daily chart, a bearish divergence is visible on the used CCI indicator—a harbinger of a reversal. Last week, it was not possible to develop the decline again, but a price decrease is expected in the coming days. Usually, if the previous month was large and unidirectional, then at the beginning of a new month the price goes deep into the past. Here is the very case; a correction is just asking for. Buyers still managed to throw the price behind the maximum of the current year, which was previously formed in July, and this place is a potential sales zone.The price did what it wanted; no matter how they tried to hold it back from growing there, they still pushed through and reached the renewal of this top. The main currency pairs seem to be more inclined to make a correction after a long strengthening of the US dollar. Well, in my opinion, it is obvious that the price is already on the wane and will make its downward correction. I assume that we will be able to fall to the horizontal support level of 1.3793 at a minimum, and then we will see. Since the peak has been renewed, here we can already look at the formations for sale on the younger periods H1-H4, like the same mirror level, so that the support changes to resistance and work downwards.