USD/CAD Price Analysis: No U-turn for bears?

USD/CAD fails to keep pullback from one-week-old support line.
Oversold RSI conditions challenge further declines, multiple resistance below 100-bar EMA question the bulls.

Anil Panchal FXStreet

USD/CAD eases to 1.3037, down 0.08% on a day, as markets in Tokyo open for Tuesday’s trading. The pair dropped to the fresh low since the early-January on Monday before bouncing off 1.3020.

However, failures to extend the recoveries beyond 1.3052 again highlight a one-week-old support line for the bears.

Other than the 1.3010 trend line support, the 1.3000 threshold and the 1.2960/50 area including the yearly bottom the low marked on December 31, 2019, also lures the sellers.

If oversold RSI conditions give another chance to buyers, they’ll aim for confirming the one-week-old falling wedge formation while crossing 1.3075 immediate hurdle.

Following that, a horizontal area around 1.3035 and a falling trend line from August 10, at 1.3171 now, will precede a 100-bar EMA level of 1.3193 to challenge the pair’s additional rise.

USD/CAD four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.3039
Today Daily Change	-9 pips
Today Daily Change %	-0.07%
Today daily open	1.3048

Trends
Daily SMA20	1.3221
Daily SMA50	1.3403
Daily SMA100	1.3626
Daily SMA200	1.3527

Levels
Previous Daily High	1.3104
Previous Daily Low	1.302
Previous Weekly High	1.324
Previous Weekly Low	1.3048
Previous Monthly High	1.3451
Previous Monthly Low	1.302
Daily Fibonacci 38.2%	1.3053
Daily Fibonacci 61.8%	1.3072
Daily Pivot Point S1	1.301
Daily Pivot Point S2	1.2974
Daily Pivot Point S3	1.2926
Daily Pivot Point R1	1.3094
Daily Pivot Point R2	1.3142
Daily Pivot Point R3	1.3178

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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