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4 May 2020

USD/CAD Price Analysis: Pullback from 1.4150 confirms bearish divergence

USD/CAD's hourly chart shows a bearish divergence of RSI.
Hourly candlesticks also paint an intraday bearish picture.

The USD/CAD pair is trading near 1.4120, having hit a session high of 1.4153 more than an hour ago.

The pullback has confirmed a bearish divergence of the hourly chart relative strength index. The pattern occurs when the indicator prints lower highs contradicting higher highs on price and represent buyer fatigue.

As a result, a deeper pullback to levels below 1.41 could be seen. A similar message is being echoed by the bearish marubozu candle created in the 60 minutes to 02:00 GMT.

The case for an extended downward move would weaken if the spot finds acceptance above the session high of 1.4153.

Hourly chart

Trend: Bearish

Technical levels

May 4, 2020

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