USD/CAD picks up bids after rising for two consecutive days. Normal RSI conditions, sustained recovery moves from 1.2630 favor bulls. Key SMAs add to upside filters above three-week-old resistance line. USD/CAD rises to 1.2715, up 0.05% intraday, during Monday’s Asian session. In doing so, the loonie pair extends the latest corrective pullback from 1.2630, marked on late-Wednesday, towards a downward sloping trend line from December 22. Considering the absence of overbought RSI conditions, coupled with the latest recovery moves, USD/CAD is likely to cross the stated resistance line, at 1.2725 now, while eyeing the 50-day SMA level of 1.2730. However, 100-bar SMA near 1.2775 and a monthly high around 1.2800 will be tough challenges for the USD/CAD buyers past-1.2730. On the contrary, the 1.2700 round-figure and an upward sloping trend line from last Wednesday, close to 1.2665, will be the key to watch for USD/CAD sellers during the fresh declines. Though, any strong weakness past-1.2665 will need to break the recently flashed multi-month low of 1.2630 before convincing the medium-term bears. Overall, USD/CAD is up for a corrective pullback but the bears haven’t yet accepted the defeat and hence traders should be cautious. USD/CAD four-hour chart Trend: Further recovery 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 GBP/NZD Price Analysis: The dynamic support is critical FX Street 11 months USD/CAD picks up bids after rising for two consecutive days. Normal RSI conditions, sustained recovery moves from 1.2630 favor bulls. Key SMAs add to upside filters above three-week-old resistance line. USD/CAD rises to 1.2715, up 0.05% intraday, during Monday’s Asian session. In doing so, the loonie pair extends the latest corrective pullback from 1.2630, marked on late-Wednesday, towards a downward sloping trend line from December 22. Considering the absence of overbought RSI conditions, coupled with the latest recovery moves, USD/CAD is likely to cross the stated resistance line, at 1.2725 now, while eyeing the 50-day SMA level of 1.2730. However,… 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.
