08.09.2023 05:28 PM
Green lines- bearish RSI divergence
Red lines- bullish channel
USDCAD remains technically in a bullish trend making higher highs and higher lows. Price remains inside the bullish channel but today price is under pressure. Despite the new higher high yesterday, the RSI did not follow and made a lower high. This bearish divergence is a warning sign for bulls. This is not a reversal signal but a sign of weakness. USDCAD is vulnerable to a move lower towards the lower channel boundary. At 1.3560 we find the lower channel boundary which provides support. At current levels we prefer to be neutral if not bearish.
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