USD/CAD Technical Analysis: Eyes falling trendline hurdle after the bullish RSI divergence
|The USD/CAD pair is currently trading at 1.3117 and could rise test the falling trendline resistance, currently at 1.3170, as the relative strength index (RSI) on the 4-hour chart has diverged in favor of the bulls.
4-hour chart
The bullish divergence of the RSI occurs when the indicator clocks higher lows in response to lower lows in price and is widely considered an early indicator of a trend reversal.
In USD/CAD's case, the bull RSI divergence has opened the doors to 1.3170 - resistance of the trendline trending south from the Jan. 24 and Jan. 29 highs.
A move below 1.3068 would invalidate the RSI divergence and could yield a drop to the psychological support of 1.30.
Trend: mildly bullish
USD/CAD
Overview:
Today Last Price: 1.3118
Today Daily change: 5 pips
Today Daily change %: 0.04%
Today Daily Open: 1.3113
Trends:
Daily SMA20: 1.3247
Daily SMA50: 1.3371
Daily SMA100: 1.3219
Daily SMA200: 1.313
Levels:
Previous Daily High: 1.3148
Previous Daily Low: 1.3084
Previous Weekly High: 1.3287
Previous Weekly Low: 1.3069
Previous Monthly High: 1.3664
Previous Monthly Low: 1.3118
Daily Fibonacci 38.2%: 1.3123
Daily Fibonacci 61.8%: 1.3109
Daily Pivot Point S1: 1.3083
Daily Pivot Point S2: 1.3052
Daily Pivot Point S3: 1.302
Daily Pivot Point R1: 1.3146
Daily Pivot Point R2: 1.3178
Daily Pivot Point R3: 1.3209
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.