USD/CAD Price Analysis: No U-turn for bears?
|- USD/CAD fails to keep pullback from one-week-old support line.
- Oversold RSI conditions challenge further declines, multiple resistance below 100-bar EMA question the bulls.
USD/CAD eases to 1.3037, down 0.08% on a day, as markets in Tokyo open for Tuesday’s trading. The pair dropped to the fresh low since the early-January on Monday before bouncing off 1.3020.
However, failures to extend the recoveries beyond 1.3052 again highlight a one-week-old support line for the bears.
Other than the 1.3010 trend line support, the 1.3000 threshold and the 1.2960/50 area including the yearly bottom the low marked on December 31, 2019, also lures the sellers.
If oversold RSI conditions give another chance to buyers, they’ll aim for confirming the one-week-old falling wedge formation while crossing 1.3075 immediate hurdle.
Following that, a horizontal area around 1.3035 and a falling trend line from August 10, at 1.3171 now, will precede a 100-bar EMA level of 1.3193 to challenge the pair’s additional rise.
USD/CAD four-hour chart
Trend: Bearish
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