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USD/CAD intraday: the RSI is oversold

2024-05-24
1003

Our pivot point stands at 1.3672.

Our preference: the downside prevails as long as 1.3672 is resistance.

Alternative scenario: the upside breakout of 1.3672, would call for 1.3691 and 1.3702.

Comment: the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.3692 and 1.3716).

Supports and resistances:

1.3702 **

1.3691 *

1.3672 **

1.3664

1.3655 last

1.3626

1.3615 **

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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