OctaFX | OctaFX Forex Broker
Open trading account

USD/CAD Price Analysis: Stays pressured below 50-SMA

  • USD/CAD holds lower ground after reversing from the key SMA.
  • Easing bullish bias of MACD and failures to cross immediate hurdles keep bears hopeful.

USD/CAD remains depressed around 1.2300, down 0.08% intraday, amid Wednesday’s Asian session. The loonie pair jumped to the highest in four days the previous day before reversing from 50-SMA.

The pullback moves join recently easing MACD strength in favor of the bulls as well as sustained trading below important resistances to back the USD/CAD sellers.

As a result, the latest weakness could eye for the multi-month low marked in April around 1.2265.

However, any further moves will have to conquer the 2018 bottom surrounding 1.2250-45 before testing the late 2017 lows close to 1.2065-70.

Alternatively, the 50-SMA level of 1.2356 becomes the nearby hurdle for the USD/CAD buyers to tackle ahead of March lows around 1.2365.

Also likely to challenge the pair’s recovery moves are the 1.2420 and 1.2465 levels to the north.

USD/CAD four-hour chart

Trend: Bearish


Gold Price Analysis: XAU/USD seeks fresh clues to hold corrective pullback above $1,770

Gold lacks upside momentum while taking rounds to $1779-80 amid the initial Asian session on Wednesday. The bright metal dropped the most since March
Read more Previous

Fed's Kashkari: Fed has powerful tools if inflation surprises

Federal Reserve's Neel Tushar Kashkari says that the Federal Reserve has powerful tools if inflation surprises to upside. More to come...
Read more Next
Start livechat