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USD/CAD Price Analysis: Bears Retrace Their Steps Toward the Sub-1.2700 Zone

Daniel Rogers

May 05, 2022 10:32

USD/CAD bears are licking their post-Fed wounds in the mid-1.2700s, where the pair fell to its lowest level in two weeks during Thursday's Asian session.

 

Although the Loonie pair is caught within a 15-pip trading range around 1.2750 following the recent fall, sellers maintain control as various factors point to more declines.

 

Among these, a clear breach of the previous April 21 support line and a bear cross of the 21-day moving average above the 100-day moving average are critical. Additionally, the recently lowering MACD positive signs and steady RSI favor USD/CAD bears.

 

With that said, the pair's continuing decline towards the 21-DMA, which is expected to be around 1.2690 by press time, becomes inevitable. However, the 100-day moving average of 1.2681 may act as a check on subsequent USD/CAD falls. Additionally, the quote's south-run is anticipated to be tested by early April's peak of 1.2673.

 

Alternatively, the corrective pullback might target the 1.2800 level prior to the mid-March top near 1.2875.

 

It's worth noting, though, that a confluence of the prior support line and a two-month-old horizontal line near 1.2900 appears to be a difficult nut to crack for USD/CAD bulls following that.

USD/CAD: Daily Chart

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