USDCAD as expected has got very close to our target of 1.29. Yesterday price made a low at 1.2922 while at the beginning of November price also made a low at 1.2927. The RSI however is not making new lower lows still providing bullish divergence signs. Bears need to be very cautious. So far no bullish reversal signal.
Red line -resistance
Green lines – support trend lines
Blue line – bullish divergence
USDCAD continues to slide lower and lower. The slope of the decline is not steep but price continues making new lower lows. The RSI does not follow. Resistance is found at 1.3030 and a break above it will enable a double bottom formation. This will also be an initial sign for a move higher towards 1.3250 where we find the red downward sloping resistance trend line. The RSI provides a warning to bears, but as long as price does not break the latest lower high, we remain in bearish trend.
The material has been provided by InstaForex Company – www.instaforex.com
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