USD/CAD’s daily RSI has diverged in favor of the bulls. An oversold bounce to Monday’s high may be seen. USD/CAD is currently trading near 1.2705, having printed a low of 1.2688 during the overnight trade. The 14-day Relative Strength Index (RSI) has produced higher lows in the below-30 or oversold region this month, contradicting lower lows on the price chart. That bullish divergence indicates a potential for a corrective bounce. The immediate resistance is seen at 1.2790 (Monday’s high), followed by 1.2837 (the upper end of the daily chart falling wedge). A close higher would confirm a bearish-to-bullish trend change. Support is located at 1.2688 (overnight low) and 1.2654 (June 2016 low). Daily chart Trend: Bounce likely Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD Price Analysis: Snaps two-day uptrend but bulls stay hopeful above 1.3400 FX Street 2 years USD/CAD's daily RSI has diverged in favor of the bulls. An oversold bounce to Monday's high may be seen. USD/CAD is currently trading near 1.2705, having printed a low of 1.2688 during the overnight trade. The 14-day Relative Strength Index (RSI) has produced higher lows in the below-30 or oversold region this month, contradicting lower lows on the price chart. That bullish divergence indicates a potential for a corrective bounce. The immediate resistance is seen at 1.2790 (Monday's high), followed by 1.2837 (the upper end of the daily chart falling wedge). A close higher would confirm a bearish-to-bullish trend change. … Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
