11.02.202009:46 Forex Analysis & Reviews: Short-term bearish signal in USDCAD

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Bearish divergence warning signs in the RSI in the 4 hour chart. Price is pulling back from 1.3330 towards 1.3295 with potential of moving even lower towards 1.32-1.3150.

Red lines - bearish divergence

Green rectangle - target area

USDCAD is turning lower. Short-term support is at 1.3285 and I expect price to move even lower towards 1.32. With the RSI turning lower from overbought levels, in the short-term we expect selling pressures to continue to push price towards our target area.

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