- December 23, 2020
- Posted by: Analysis Team
- Category: Forex News
- USD/CAD snaps three-day uptrend, remains depressed around 1.2900.
- Bears await clear break below 1.2850 for fresh entries.
- Bulls can keep 50-day SMA on the radar amid upbeat RSI conditions.
USD/CAD remains mildly offered while taking rounds to 1.2900 doing early Wednesday. In doing so, the loonie pair marks intraday losses for the first time since last Thursday.
While fresh buying is probed by the latest pullback targeting a 21-day SMA level of 1.2848, sellers are likely to remain cautious ahead of that.
In a case where the USD/CAD drops below 1.2848, the 1.2800 the monthly low near 1.2688 will be in the spotlight.
On the upside, the weekly high near 1.2960 will precede the 1.3000 threshold and 50-day SMA level of 1.3016 to challenge short-term bulls.
If at all the USD/CAD buyers manage to cross 1.3016, the November 13 high of 1.3172 should return to the charts.
USD/CAD DAILY CHART
Trend: Pullback expected