USD/CAD Technical Analysis: Overbought RSI, 1.3565/70 confluence can question Bulls

Anil Panchal FXStreet

The Canadian Dollar (CAD) is trading around 1.3500 versus the US Dollar (USD) during early Asian sessions on Thursday. The Loonie pair surged to a 16-week high on Wednesday after the BoC meeting and is still in the positive territory. However, overbought RSI conditions and near to important resistance-confluence can challenge buyers.

While 1.3525 can act as immediate resistance for the quote, an ascending trend-line from late-January and multiple lows from December 24 to January 02 may question the strength of buyers around 1.3565/70.

Adding to the buyers’ challenge can be overbought conditions of 14-day relative strength index (RSI).

Should the Bulls manage to conquer 1.3570, 1.3610/15 and 1.3665 may offer halts to its rally targeting 1.3700 round-figure.

On the downside, March month highs near 1.3470 may act as nearby support, a break of which may recall 1.3440 and 1.3400.

Though, 50-day simple moving average (SMA) near 1.3330 and an ascending support-line from October 2018 at 1.3250 could restrict further declines.

USD/CAD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.3495
Today Daily Change	73 pips
Today Daily Change %	0.54%
Today daily open	1.3422

Trends
Daily SMA20	1.3359
Daily SMA50	1.3323
Daily SMA100	1.3346
Daily SMA200	1.3213

Levels
Previous Daily High	1.3444
Previous Daily Low	1.3342
Previous Weekly High	1.3404
Previous Weekly Low	1.3274
Previous Monthly High	1.3469
Previous Monthly Low	1.313
Daily Fibonacci 38.2%	1.3405
Daily Fibonacci 61.8%	1.3381
Daily Pivot Point S1	1.3362
Daily Pivot Point S2	1.3302
Daily Pivot Point S3	1.326
Daily Pivot Point R1	1.3462
Daily Pivot Point R2	1.3504
Daily Pivot Point R3	1.3564

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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