USD/CAD technical analysis: Clings to 14-month old support-line amid oversold RSI

Oversold RSI limits USD/CAD’s further declines around medium-term trend-line support.
Sellers cheered the break of 200-day SMA.

Anil Panchal FXStreet

Having failed to slip beneath an upward sloping trend-line since April 2018, the USD/CAD pair rests on the medium-term important support-line as it takes the rounds to 1.3190 during early Friday.

While oversold levels of the 14-day relative strength index (RSI) signal brighter chances of the pair’s pullback, sellers continue to dominate unless the quote clears 200-day simple moving average (SMA) level of 1.3280.

Should prices rally past-1.3280, 1.3300 round-figure and May month low near 1.3358 could please the buyers.

On the contrary, a downside break of 1.3177 support-line can fetch the pair to 50% Fibonacci retracement of April – December 2018 period, near 1.3100.

During the pair’s additional declines below 1.3100, the current year’s low around 1.3069 and the 1.3000 psychological magnet might lure the bears.

USD/CAD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.3186
Today Daily Change	-96 pips
Today Daily Change %	-0.72%
Today daily open	1.3282

Trends
Daily SMA20	1.3398
Daily SMA50	1.3415
Daily SMA100	1.3354
Daily SMA200	1.3285

Levels
Previous Daily High	1.3384
Previous Daily Low	1.3279
Previous Weekly High	1.3424
Previous Weekly Low	1.3242
Previous Monthly High	1.3566
Previous Monthly Low	1.3357
Daily Fibonacci 38.2%	1.3319
Daily Fibonacci 61.8%	1.3344
Daily Pivot Point S1	1.3246
Daily Pivot Point S2	1.321
Daily Pivot Point S3	1.3141
Daily Pivot Point R1	1.3351
Daily Pivot Point R2	1.342
Daily Pivot Point R3	1.3456

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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