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.

Anil Panchal FXStreet

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

Additional important levels

Overview
Today last price	1.2628
Today Daily Change	0.0007
Today Daily Change %	0.06%
Today daily open	1.2621

Trends
Daily SMA20	1.261
Daily SMA50	1.2539
Daily SMA100	1.2381
Daily SMA200	1.2538

Levels
Previous Daily High	1.2637
Previous Daily Low	1.258
Previous Weekly High	1.2834
Previous Weekly Low	1.2579
Previous Monthly High	1.2949
Previous Monthly Low	1.2453
Daily Fibonacci 38.2%	1.2616
Daily Fibonacci 61.8%	1.2602
Daily Pivot Point S1	1.2588
Daily Pivot Point S2	1.2556
Daily Pivot Point S3	1.2532
Daily Pivot Point R1	1.2645
Daily Pivot Point R2	1.267
Daily Pivot Point R3	1.2702

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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