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USD/CAD Technical Analysis: Pullback in the offing

  • The USD/CAD hourly chart shows a bearish price-relative strength index (RSI) divergence, adds credence to signs of bullish exhaustion, as represented by Thursday’s doji candle, and oversold conditions as indicated by the daily RSI.
  • The pair could fall back to 100-hour moving average (MA) support, currently located at 1.3265.

Hourly chart

Spot Rate: 1.3307

Daily High: 1.3322

Daily Low: 1.3300

Trend: Bearish, overbought conditions


R1: 1.3335 (previous day’s high)

R2: 1.3385 (76.4% Fib R of April 2017 high – September 2017 low)

R3: 1.35 (psychological hurdle)


S1: 1.3265 (100-hour moving average)

S2: 1.32 (psychological support)

S3: 1.3163 (ascending 10-day moving average)

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