CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the High risk of losing your money.

USD/CAD technical analysis: Clings to 14-month old support-line amid oversold RSI

2019-06-21 07:55

  • Oversold RSI limits USD/CAD’s further declines around medium-term trend-line support.

  • Sellers cheered the break of 200-day SMA.



Having failed to slip beneath an upward sloping trend-line since April 2018, the USD/CAD pair rests on the medium-term important support-line as it takes the rounds to 1.3190 during early Friday.



While oversold levels of the 14-day relative strength index (RSI) signal brighter chances of the pair’s pullback, sellers continue to dominate unless the quote clears 200-day simple moving average (SMA) level of 1.3280.



Should prices rally past-1.3280, 1.3300 round-figure and May month low near 1.3358 could please the buyers.



On the contrary, a downside break of 1.3177 support-line can fetch the pair to 50% Fibonacci retracement of April – December 2018 period, near 1.3100.



During the pair’s additional declines below 1.3100, the current year’s low around 1.3069 and the 1.3000 psychological magnet might lure the bears.



USD/CAD daily chart





Trend: Pullback expected





 


This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.

Economic news

    Exchange Rates

    GBPUSD -0.18% 1.30251
    EURUSD -0.30% 1.18154
    XAUUSD +0.04% 1902.25
    XTIUSD -1.95% 38.549
    NAS100 -2.00% 11411.7
    US30 -2.60% 27488.4