USD/CAD stays mildly offered inside a short-term descending triangle. Normal RSI conditions suggest further weakness, 200-bar SMA adds to the upside barriers. USD/CAD remains on the back-foot near the weekly low of 1.2706, currently down 0.18% near 1.2711, during early Wednesday. In doing so, the quote portrays a descending triangle bullish chart pattern while also staying below 200-bar SMA. Considering the absence of oversold RSI conditions, USD/CAD selling is likely to stretch towards the stated triangle’s support. However, key events like the monetary policy meeting of the Bank of Canada and US President-elect Joe Biden’s inauguration ceremony in the White House, probe the sellers. Read: Bank of Canada Rate Decision Preview: No change anticipated in interest rate During the quote’s downside towards the triangle support near 1.2630-25, the 1.2660 level can act as an intermediate halt. It should additionally be noted that USD/CAD bears’ dominance past-1.2625 will be tested by the 1.2600 round-figure ahead of highlighting the April 2018 low around 1.2525. Alternatively, an upside break of the triangle should have enough strength to cross 200-bar SMA, currently around 1.2770 to aim for the monthly near 1.2835 and the late-December top close to 1.2960. In a case where the USD/CAD rallies past-1.2960, the 1.3000 psychological magnet and December 2020 top of 1.3010 will be the key to watch. USD/CAD four-hour chart Trend: Further weakness expected 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 BOJ to stand pat Thursday, some see tweaks to outlook – Reuters FX Street 2 years USD/CAD stays mildly offered inside a short-term descending triangle. Normal RSI conditions suggest further weakness, 200-bar SMA adds to the upside barriers. USD/CAD remains on the back-foot near the weekly low of 1.2706, currently down 0.18% near 1.2711, during early Wednesday. In doing so, the quote portrays a descending triangle bullish chart pattern while also staying below 200-bar SMA. Considering the absence of oversold RSI conditions, USD/CAD selling is likely to stretch towards the stated triangle’s support. However, key events like the monetary policy meeting of the Bank of Canada and US President-elect Joe Biden’s inauguration ceremony in the White… Regulated 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.
