USD/CAD licks its wounds after stepping back from six-week top the previous day. Overbought RSI conditions, pullback from channel resistance suggest further consolidation. The mid-August high can offer immediate support, bulls may target August 07 peak on defying the channel pattern. USD/CAD seesaws around 1.3300 during the initial Asian session on Wednesday. The loonie pair surged to the highest since August 12, before bouncing off to 1.3305, on Tuesday. The pair’s pullback can be attributed to an upward sloping channel established since August 27. Also helping USD/CAD retracement from the upper line of the bullish pattern could be overbought RSI conditions. As a result, short-term sellers targeting the August 14 top near 1.3270 may keep the reins. However, the quote’s further declines can be probed by September 08 high near 1.3255. Also acting as the tough downside supports are the 200-bar SMA level of 1.3182 and the lower line of the aforementioned channel near 1.3170. Meanwhile, the recent high near 1.3345, followed by the channel resistance near 1.3355, can probe USD/CAD bulls during a fresh upside. It should, however, be noted that the August 07 high surrounding 1.3400 and July 30 peak close to 1.3460 can lure the bulls beyond 1.3355. USD/CAD four-hour 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 WTI probes post-API declines to regain $40.00, eyes PMIs, EIA inventories FX Street 1 year USD/CAD licks its wounds after stepping back from six-week top the previous day. Overbought RSI conditions, pullback from channel resistance suggest further consolidation. The mid-August high can offer immediate support, bulls may target August 07 peak on defying the channel pattern. USD/CAD seesaws around 1.3300 during the initial Asian session on Wednesday. The loonie pair surged to the highest since August 12, before bouncing off to 1.3305, on Tuesday. The pair’s pullback can be attributed to an upward sloping channel established since August 27. Also helping USD/CAD retracement from the upper line of the bullish pattern could be overbought RSI… 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.
