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
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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