USD/CAD eases from intraday high while keeping the bounce off short-term support line. 100, 200-SMA confluence and a falling trend line from March 30 test the bulls. Monthly bottom adds to the downside filters, extended consolidation more likely. USD/CAD steps back from the day’s high of 1.2547 to 1.2541 amid early Wednesday. Even so, the loonie pair keeps its U-turn from an ascending support line from March 19. Given the absence of extreme RSI conditions, the pair’s latest bounce off the key support is likely to cross 50% Fibonacci retracement level of late February to March 18 downside, around 1.2555. However, any further rise will have to cross a convergence of 100 and 200-SMA near 1.2575, a break of which should push USD/CAD bulls toward attacking the two-week-old resistance line, around 1.2625. Meanwhile, a downside break of the 1.2525 support line isn’t an open call to the USD/CAD bears as the monthly low surrounding the 1.2500 threshold should test the quote’s further weakness. To sum up, USD/CAD is in a consolidation mode inside a symmetrical triangle, which in turn suggests the latest corrective pullback to continue. 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 China’s Premier Li urges more communication between Beijing and Washington FX Street 2 years USD/CAD eases from intraday high while keeping the bounce off short-term support line. 100, 200-SMA confluence and a falling trend line from March 30 test the bulls. Monthly bottom adds to the downside filters, extended consolidation more likely. USD/CAD steps back from the day's high of 1.2547 to 1.2541 amid early Wednesday. Even so, the loonie pair keeps its U-turn from an ascending support line from March 19. Given the absence of extreme RSI conditions, the pair's latest bounce off the key support is likely to cross 50% Fibonacci retracement level of late February to March 18 downside, around 1.2555.… 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.
