USD/CAD Technical Analysis: eyes falling trendline hurdle after the bullish RSI divergence

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The USD/CAD pair is currently trading at 1.3117 and could rise test the falling trendline resistance, currently at 1.3170, as the relative strength index (RSI) on the 4-hour chart has diverged in favor of the bulls.

4-hour chart


	USD/CAD Technical Analysis: eyes falling trendline hurdle after the bullish RSI divergence

The bullish divergence of the RSI occurs when the indicator clocks higher lows in response to lower lows in price and is widely considered an early indicator of a trend reversal.

In USD/CAD's case, the bull RSI divergence has opened the doors to 1.3170 – resistance of the trendline trending south from the Jan. 24 and Jan. 29 highs.

A move below 1.3068 would invalidate the RSI divergence and could yield a drop to the psychological support of 1.30.

Trend: mildly bullish

USD/CAD

Overview:
    Today Last Price: 1.3118
    Today Daily change: 5 pips
    Today Daily change %: 0.04%
    Today Daily Open: 1.3113
Trends:
    Daily SMA20: 1.3247
    Daily SMA50: 1.3371
    Daily SMA100: 1.3219
    Daily SMA200: 1.313
Levels:
    Previous Daily High: 1.3148
    Previous Daily Low: 1.3084
    Previous Weekly High: 1.3287
    Previous Weekly Low: 1.3069
    Previous Monthly High: 1.3664
    Previous Monthly Low: 1.3118
    Daily Fibonacci 38.2%: 1.3123
    Daily Fibonacci 61.8%: 1.3109
    Daily Pivot Point S1: 1.3083
    Daily Pivot Point S2: 1.3052
    Daily Pivot Point S3: 1.302
    Daily Pivot Point R1: 1.3146
    Daily Pivot Point R2: 1.3178
    Daily Pivot Point R3: 1.3209

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