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10 Feb 2020

USD/CAD Price Analysis: Bull momentum weakens

  • USD/CAD's daily chart is reporting a weakening of bull momentum. 
  • The pair may face selling pressure and could drop to Friday's low. 

USD/CAD's upward momentum seems to have weakened and a minor pullback could be in the offing. 

The pair rallied from 1.2952 to 1.3321 over the last 5.5 weeks. The MACD histogram, however, has recently printed lower bars above the zero line. That bearish divergence alongside an above-70 reading on the 14-day relative strength index (RSI) indicates the bullish move has run out of steam. 

The spot may challenge Friday's low of 1.3278. A close lower would open the doors to 1.3225 (200-day MA). 

On the higher side, Friday's high of 1.3321 is the level to beat for the bulls. The pair is currently trading at 1.3308. 

Daily chart

Trend: Bull exhaustion

Technical levels

 

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