USD/CAD retraces from fresh low since April 2018, marked on Tuesday. Absence of oversold RSI, sustained trading below 21-day SMA favor sellers. Downward sloping trend line from October 29 adds to the upside barriers. USD/CAD keeps corrective pullback from the multi-month low while taking rounds to 1.2670 during the early Asian session on Wednesday. The loonie pair dropped to the fresh 33-month low the previous day while portraying its U-turn from 21-day SMA. Even so, the RSI conditions aren’t oversold and favor the quote’s sustained trading below 21-day SMA. As a result, a descending support line from September 01, currently around 1.2630 lures the USD/CAD sellers ahead of April 2018 low near 1.2525. It should, however, be noted that a seven-month-long falling trend line, at 1.2507 now, will be a tough nut to break for USD/CAD bears past-1.2525. Meanwhile, the 1.2700 threshold offers immediate resistance to USD/CAD ahead of the 21-day SMA level of 1.2780. If at all USD/CAD buyers manage to cross 1.2780, a short-term resistance line stretched from late-October, around 1.2820, offers an extra challenge to regain the market’s confidence. USD/CAD daily chart Trend: Bearish FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Stellar price explodes by 40% in the past 24 hours but faces short-term pressure FX Street 11 months USD/CAD retraces from fresh low since April 2018, marked on Tuesday. Absence of oversold RSI, sustained trading below 21-day SMA favor sellers. Downward sloping trend line from October 29 adds to the upside barriers. USD/CAD keeps corrective pullback from the multi-month low while taking rounds to 1.2670 during the early Asian session on Wednesday. The loonie pair dropped to the fresh 33-month low the previous day while portraying its U-turn from 21-day SMA. Even so, the RSI conditions aren’t oversold and favor the quote’s sustained trading below 21-day SMA. As a result, a descending support line from September 01, currently… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
