• USD/CAD rebounds from multi-year lows, regains 1.2650.
  • The bulls recaptured 21-HMA, with eyes on 50-HMA barrier.
  • RSI on hourly chart peeps into the bullish territory.

USD/CAD extends its recovery from the lowest levels since April 2018 reached at 1.2625 on Thursday.

The bulls are rescued by the rebound in the US dollar across the board, as investors resort to the safety bet amid anxiousness over President-elect Joe Biden’s $1.9 trillion stimulus plan, weak US jobs data and resurfacing covid fears.        

Further, the 1% drop in WTI prices is also underpinning the recovery in the CAD pair.

Looking at it technically, the price has recaptured the 21-hourly moving average (HMA) and looks north towards the bearish 50-HMA resistance at 1.2684.

The move higher is backed by the Relative Strength Index (RSI), which has pierced above the midline, currently trading at 52.62.

The next hurdle is seen at 1.2710, which is the horizontal 200-HMA.

The 21-HMA at 1.2660 could limit any pullbacks, below which the psychological 1.2650 support would come into the picture.

The multi-year troughs at 1.2625 would be the final resort for the bulls.

USD/CAD: Hourly chart

USD/CAD: Additional levels


Today last price 1.2666
Today Daily Change 0.0028
Today Daily Change % 0.22
Today daily open 1.2637
Daily SMA20 1.2766
Daily SMA50 1.2872
Daily SMA100 1.3039
Daily SMA200 1.3341
Previous Daily High 1.2708
Previous Daily Low 1.2625
Previous Weekly High 1.2798
Previous Weekly Low 1.263
Previous Monthly High 1.301
Previous Monthly Low 1.2688
Daily Fibonacci 38.2% 1.2657
Daily Fibonacci 61.8% 1.2677
Daily Pivot Point S1 1.2605
Daily Pivot Point S2 1.2573
Daily Pivot Point S3 1.2522
Daily Pivot Point R1 1.2689
Daily Pivot Point R2 1.274
Daily Pivot Point R3 1.2772



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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

EUR/USD rebounds, steadies above 1.0400

EUR/USD rebounds, steadies above 1.0400

EUR/USD has staged a rebound and reclaimed 1.0400 during the American trading hours on Friday with the US Dollar Index retreating from the multi-week high it set at above 105.60. Nevertheless, the pair remains on track to close the week in negative territory. 


GBP/USD climbs to 1.2050 area, looks to post weekly losses

GBP/USD climbs to 1.2050 area, looks to post weekly losses

GBP/USD reversed its direction and advanced to the 1.2050 area after having dropped to 1.1976 earlier in the day. The pair is still down more than 1% on the day with safe-haven flows dominating the financial markets following the disappointing PMI data from the US.


Gold rebounds above $1,800 as US yields fall sharply

Gold rebounds above $1,800 as US yields fall sharply

Gold has regained its traction and recovered above $1,800 after having slumped to a multi-month low below $1,790. Following the dismal PMI data from the US, the benchmark 10-year US Treasury bond yield is down more than 6% on the day, fueling XAU/USD's rebound.

Gold News

Why traders are rushing to exit positions on Cardano’s ADA price

Why traders are rushing to exit positions on Cardano’s ADA price

Cardano (ADA) price has had its performance review as the summer kicks off. ADA bulls are returning home with not-that-good a scorecard, and the underperformance could cut short holiday funding for the cryptocurrency.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!