USD/CAD rebounds from multi-year lows, regains 1.2650. The bulls recaptured 21-HMA, with eyes on 50-HMA barrier. RSI on hourly chart peeps into the bullish territory. USD/CAD extends its recovery from the lowest levels since April 2018 reached at 1.2625 on Thursday. The bulls are rescued by the rebound in the US dollar across the board, as investors resort to the safety bet amid anxiousness over President-elect Joe Biden’s $1.9 trillion stimulus plan, weak US jobs data and resurfacing covid fears. Further, the 1% drop in WTI prices is also underpinning the recovery in the CAD pair. Looking at it technically, the price has recaptured the 21-hourly moving average (HMA) and looks north towards the bearish 50-HMA resistance at 1.2684. The move higher is backed by the Relative Strength Index (RSI), which has pierced above the midline, currently trading at 52.62. The next hurdle is seen at 1.2710, which is the horizontal 200-HMA. The 21-HMA at 1.2660 could limit any pullbacks, below which the psychological 1.2650 support would come into the picture. The multi-year troughs at 1.2625 would be the final resort for the bulls. USD/CAD: Hourly chart USD/CAD: Additional levels 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 bounces-off lows as UK GDP beats estimates with -2.6% in November FX Street 2 years USD/CAD rebounds from multi-year lows, regains 1.2650. The bulls recaptured 21-HMA, with eyes on 50-HMA barrier. RSI on hourly chart peeps into the bullish territory. USD/CAD extends its recovery from the lowest levels since April 2018 reached at 1.2625 on Thursday. The bulls are rescued by the rebound in the US dollar across the board, as investors resort to the safety bet amid anxiousness over President-elect Joe Biden’s $1.9 trillion stimulus plan, weak US jobs data and resurfacing covid fears. Further, the 1% drop in WTI prices is also underpinning the recovery in the CAD pair. Looking at it technically,… 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.
