USD/CAD Price Analysis: Eases from intraday top on Doji below 200-HMA
|- USD/CAD consolidates daily gains, struggles for clear direction of late.
- RSI pullback, bearish candlestick and inability to cross the key moving average favor sellers.
USD/CAD takes a U-turn from the day’s top, up 0.05% intraday around 1.2627, heading into Thursday’s European session.
The candlestick remains lackluster, mildly bid, since Tuesday. However, the latest pullback could be linked to a bearish candlestick formation following the quote’s failures to cross the 200-HMA.
Also favoring the intraday sellers of USD/CAD is the RSI line that eases from nearly overbought conditions.
Hence, the Loonie pair is up for further consolidation of the latest gains, which in turn highlights the 1.2600 threshold as the immediate support.
It should be noted, however, that multiple levels restrict the quote’s downside past 1.2600 around 1.2580-75, a break of which can quickly drag the USD/CAD prices towards the 1.2500 round figure.
Meanwhile, an upside clearance of 200-HMA level of 1.2636 needs to cross the August 27 swing low, around 1.2660 to convince the pair buyers.
USD/CAD: Hourly chart
Trend: Pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.