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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.

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 price1.2098
Today Daily Change-4 pips
Today Daily Change %-0.03%
Today daily open1.2102
 
Trends
Daily SMA201.2361
Daily SMA501.2482
Daily SMA1001.2602
Daily SMA2001.2861
 
Levels
Previous Daily High1.2126
Previous Daily Low1.2078
Previous Weekly High1.2352
Previous Weekly Low1.2122
Previous Monthly High1.2654
Previous Monthly Low1.2266
Daily Fibonacci 38.2%1.2108
Daily Fibonacci 61.8%1.2097
Daily Pivot Point S11.2078
Daily Pivot Point S21.2054
Daily Pivot Point S31.203
Daily Pivot Point R11.2126
Daily Pivot Point R21.215
Daily Pivot Point R31.2174

Author

Anil Panchal

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.

More from Anil Panchal
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