Short-term bearish signal in USDCAD

By | February 11, 2020
InstaForex
Short-term bearish signal in USDCAD

Relevance up to 11:00 UTC–8

Bearish divergence warning signs in the RSI in the 4 hour chart. Price is pulling back from 1.3330 towards 1.3295 with potential of moving even lower towards 1.32-1.3150.

analytics5e425b0a8cd59.png

Red lines – bearish divergence

Green rectangle – target area

USDCAD is turning lower. Short-term support is at 1.3285 and I expect price to move even lower towards 1.32. With the RSI turning lower from overbought levels, in the short-term we expect selling pressures to continue to push price towards our target area.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2020

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