USD/CAD MACD fails to challenge recent highs

USD/CAD could be facing downside pressure as its MACD failed to test recent highs.

A bearish divergence between USD/CAD spot behavior and the MACD over the last few weeks suggests downside vulnerability ahead. Further, the MACD line crossed below its signal line on a 4-hour closing basis, an event that can be interpreted as a bearish omen.