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25.08.2023 08:33 PM
Yellow line- bearish RSI divergence
green lines- wedge pattern
USDCAD is trading around 1.3605 after making a new higher high today at 1.3638. The new higher high in price was not followed by a higher high in the RSI. On the contrary the RSI made a new lower high forming another bearish divergence. We are going to repeat our view from our last analysis on USDCAD. At current levels we believe there is limited upside potential and the chances of a reversal are high. Support is found at the lower green trend line at 1.3540. A break below this level will increase dramatically the chances of confirming a reversal in short-term trend. USDCAD justifies a pull back towards 1.3450 at least. At current levels we prefer to be neutral if not bearish.
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