USD/CAD Price Analysis: Depressed inside short-term trading range below 1.3100

USD/CAD drops to 1.3062, down 0.14% intraday, during Tuesday’s Asian session. Even so, the pair maintains the sideways momentum established since Nove  |  24/11/2020 01:03
  • USD/CAD sellers eye lower end of the one-week-old trading range.
  • Normal RSI, sustained trading below 200-bar SMA keep sellers hopeful.
  • November 13 top adds to the upside filters.

USD/CAD drops to 1.3062, down 0.14% intraday, during Tuesday’s Asian session. Even so, the pair maintains the sideways momentum established since November 16.

Considering the normal RSI conditions, coupled with weakness below 200-bar SMA, the quote is likely declining towards the range support near 1.3045 ahead of looking at the 1.3030 rest-point.

During the USD/CAD sellers’ reign past-1.3030, the 1.3000 psychological magnet holds the key to further downside targeting the monthly bottom surrounding 1.2930.

Alternatively, an upside clearance of the range’s resistance, at 1.3123, will have to cross a 200-bar SMA level of 1.3141 as well as the November 13 high near 1.3172 to convince the USD/CAD buyers.

Following that, the 1.3300 round-figure and the monthly top close to 1.3370 will lure the bulls.

USD/CAD four-hour chart

Trend: Further weakness expected

 

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