USD/CAD Price Analysis: Bears flirt with two-week-old support line near 33-month low

USD/CAD declines to 1.2621, down 0.17% intraday, during early Thursday. The loonie pair dropped to the fresh low since April 2018 before bouncing off  |  21/01/2021 01:07
  • USD/CAD remains pressured around multi-month lows even as immediate support probe bears amid oversold RSI.
  • 200-HMA, weekly resistance line guard immediate upside, corrective pullback towards 1.2700 can’t be ruled out.

USD/CAD declines to 1.2621, down 0.17% intraday, during early Thursday. The loonie pair dropped to the fresh low since April 2018 before bouncing off 1.2606.

However, the recovery moves recently faded around 1.2650 while battling a downward sloping trend line from January 06.

Other than the short-term support line, oversold RSI conditions also challenge the quote’s further weakness and support odds for a corrective pullback towards the 1.2700 round-figure.

Though, any further upside will be tamed by a confluence of 200-HMA and a falling trend line from Monday, around 1.2725.

On the flip side, a sustained downside past-1.2620 immediate support will have to break the 1.2600 round-figure before challenging the April 2018 low of 1.2525.

USD/CAD hourly chart

Trend: Pullback expected

 

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