USD/CAD Price Analysis: Ignores oversold RSI, Tuesday’s Doji near 1.2100

USD/CAD refreshes intraday low, stays mildly bid after the previous day’s bullish candlestick formation.
Oversold RSI backs trend reversal but previous support line from late January defends bears.

Anil Panchal FXStreet

USD/CAD takes offers around 1.2090, down 0.08% intraday, amid Wednesday’s Asian session. The pair marked a Doji candlestick, suggesting corrective pullback of the currently bearish trend, amid oversold RSI.

Although the USD/CAD bears seem tiring of late, a bounce needs to cross a downward sloping trend line from January 21, around 1.2150, to convince short-term buyers.

Also acting as an immediate upside hurdle is the 10-day SMA level of 1.2200.

However, a clear break above 1.2200 on a daily closing will help the USD/CAD bulls to aim for the monthly top surrounding 1.2350.

On the flip side, the recent low around 1.2080 and the year 2017 bottom close to 1.2060 could entertain USD/CAD sellers ahead of directing them to the 1.2000 psychological magnet.

It’s worth mentioning that any further weakness below 1.2000 will not hesitate to attack May 2015 low surrounding 1.1920.

USD/CAD daily chart

Trend: Corrective pullback expected

Additional important levels

Overview
Today last price	1.2098
Today Daily Change	-4 pips
Today Daily Change %	-0.03%
Today daily open	1.2102

Trends
Daily SMA20	1.2361
Daily SMA50	1.2482
Daily SMA100	1.2602
Daily SMA200	1.2861

Levels
Previous Daily High	1.2126
Previous Daily Low	1.2078
Previous Weekly High	1.2352
Previous Weekly Low	1.2122
Previous Monthly High	1.2654
Previous Monthly Low	1.2266
Daily Fibonacci 38.2%	1.2108
Daily Fibonacci 61.8%	1.2097
Daily Pivot Point S1	1.2078
Daily Pivot Point S2	1.2054
Daily Pivot Point S3	1.203
Daily Pivot Point R1	1.2126
Daily Pivot Point R2	1.215
Daily Pivot Point R3	1.2174

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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