USD/CAD Technical Analysis: bull RSI divergence on 1H chart is calling a minor corrective rally

The bullish divergence of the hourly chart relative strength index (RSI) validates the indecision in the marketplace - as indicated by yesterday's doji candle - and is calling a minor corrective rally to an immediate resistance of 1.3042.
The primary trend remains bearish as the 5-day and 10-day moving averages (MAs) are trending sot in favor of the bears.

Omkar Godbole FXStreet Contributor

Hourly Chart

Spot Rate: 1.3002

Daily High: 1.3008

Daily Low: 1.2993

Trend: Intraday bullish

Resistance

R1: 1.3019 (50-hour MA)

R2: 1.3042 (resistance as per the hourly chart)

R3: 1.3086 (100-hour MA)

Support

S1: 1.2976 (previous day's support)

S2: 1.2962 (Aug. 7 low)

S3: 1.2887 (Aug. 28 low)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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