USD/CAD stays depressed after stepping back from two-month-old resistance line. 21-day SMA, previous resistance from late-October restrict immediate downside. Bullish MACD, sustained break of key resistance confluence, now support, favor buyers. USD/CAD eases to 1.2775 during Tuesday’s Asian session. The loonie pair refreshed monthly high the previous day after crossing 21-day SMA and a descending trend line from October 29. However, failure to cross a two-month-long resistance line dragged the quote backward. Even so, strong support confluence and bullish MACD suggests the USD/CAD bounce off 1.2770, which in turn will again challenge the stated resistance line near 1.2830. While the 1.2800 round-figure may offer an intermediate halt during the rise, 50-day SMA around 1.2890 and the 1.2900 threshold can question the USD/CAD bulls after the trend line breakout. Alternatively, a downside break below 1.2770 might not hesitate to revisit the 1.2700 round-figure. Though, the mid-December lows surrounding 1.2690/85 can question USD/CAD sellers afterward. If at all the quote remains depressed past-1.2685, the multi-month low flashed last Wednesday, near 1.2630, followed by the 1.2600 psychological magnet should return to the charts. USD/CAD daily chart Trend: Pullback 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/USD still looking bullish at 1.3500 on longer-time frame FX Street 11 months USD/CAD stays depressed after stepping back from two-month-old resistance line. 21-day SMA, previous resistance from late-October restrict immediate downside. Bullish MACD, sustained break of key resistance confluence, now support, favor buyers. USD/CAD eases to 1.2775 during Tuesday’s Asian session. The loonie pair refreshed monthly high the previous day after crossing 21-day SMA and a descending trend line from October 29. However, failure to cross a two-month-long resistance line dragged the quote backward. Even so, strong support confluence and bullish MACD suggests the USD/CAD bounce off 1.2770, which in turn will again challenge the stated resistance line near 1.2830. While the… 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.
