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.

GBP/USD consolidates recent losses around 1.3200

GBP/USD enters a bearish consolidation phase around 1.3200 in early Europe on Wednesday. The pair's rebound remains capped amid a broadly firmer US Dollar and chaotic UK political environment. The focus is now on BoE-speak for fresh trading impetus.

EUR/USD hits yearly low, eyes 1.1350 on USD strength

EUR/USD sits at yearly lows, eyeing 1.1350 in the European morning on Wednesday. The pair remains vulnerable to further declines amid a bullish US Dollar. The Greenback continues to draw support from hawkish Fed bets and US-Iran peace deal uncertainty.

Gold bounces off $4,050 but downside risks persist

Gold rebounds from a nearly two-week low of $4,050 in the early European session on Wednesday. Despite easing inflationary concerns in the face of the recent fall in Crude Oil prices, traders have been pricing in a greater chance of a rate hike by the US Federal Reserve, which will continue to limit the bullion's recovery.

Dogecoin tests a key make-or-break point amid waning retail support

Dogecoin trades below $0.08000 maintaining a steady decline for the seventh straight week. The meme coin is losing its retail strength as DOGE futures Open Interest drops 10% in 24 hours, while institutional demand remains muted with zero inflows so far this week.

"Rearranging the deckchairs on the Titanic": UK's fiscal crisis outlasts another Prime Minister

Keir Starmer's resignation as the UK Prime Minister comes ten years after the Brexit referendum vote, a coincidence that financial markets have been quick to note. The British Pound trades around 1.3220 against the US Dollar on Thursday.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.