USD/CAD remains on the back foot for the third consecutive day, taking offers around 1.2650 to refresh intraday low during early Thursday.
The Loonie pair confirmed a rising wedge bearish chart pattern the previous day and the downward sloping RSI, not oversold, added strength to the fall afterward.
That said, the quote currently drops towards 50-SMA around 1.2620 but the early November highs near 1.2600 will challenge the USD/CAD bears afterward.
It should be noted that the theoretical target hints at a fresh monthly low under 1.2350 wherein the one-month-old rising support line can add to the downside filters near 1.2480.
Meanwhile, corrective pullback needs to cross the immediate resistance line from Tuesday, close to 1.2700, before recalling the USD/CAD bulls.
Following that, the monthly peak of 1.2744 and late September’s high near 1.2775 will be in focus.
Trend: Further weakness expected
© 2000-2021. All rights reserved.
This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at email@example.com.