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24.08.2023 03:57 PM
Blue lines- higher lows
green line- support trend line
Yellow line- bearish RSI divergence
USDCAD is trading around 1.3573 still making higher highs and higher lows. Recent pull back towards 1.3508 almost gave us a bearish reversal signal, but price did not form a lower low. Instead price formed a new higher low and is now bouncing higher with potential to reach 1.36.Support by the trend line is found at 1.3520. Technically trend remains bullish. However the bearish RSI divergence we see for the last few trading sessions suggest that the up trend is weakening and a reversal could start any time soon. That is why we believe that the upside potential is limited and traders should protect their profits, as there are increased chances of a reversal. At current levels I prefer to be neutral USDCAD if not bearish. A break below 1.3508 will confirm a trend reversal.
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