FX.co ★ Technical analysis on USDCAD for June 15th, 2023.

Blue line- resistance

Red lines- bullish RSI divergence

USDCAD remains in a bearish trend. USDCAD continues making lower lows and lower highs as price is now trading around 1.3330. Price is challenging the short-term resistance trend line. The RSI continues forming higher lows despite the lower lows in price. The bullish RSI divergence suggests that we are very close to seeing a reversal in short-term trend. A break above 1.3360 would be the first sign of such a possible reversal. Bulls need to overcome today's highs and start making higher highs and higher lows. For the time being there is no confirmed reversal signs. The RSI suggests that the downtrend is weakening and soon we will see a reversal.