USDCAD SIGNAL 28-03-22 : USDCAD Price Analysis Further downside hinges on 1.2450 break.

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USDCAD SIGNAL

USDCAD SIGNAL 28-03-22 : USDCAD remains pressured around nine-week low, seesaws around 50% Fibonacci retracement level.

  • Nearly oversold RSI hints at limited downside room, January’s low tests sellers as well.
  • 10-DMA guards immediate upside, multiple hurdles to test bears before nine-month-old support line.

USDCAD takes rounds to the short-term key Fibonacci retracement (Fibo.) support as bears take a breather around a two-month low during Monday’s initial Asian session. That said, the Loonie pair seesaws near 1.2480 by the press time.

USDCAD SIGNAL : A clear downside break of the 200-DMA and key support line from June 2021, now resistance around 1.2600, directed USD/CAD towards the lowest levels marked in 2022 during the last week.

However, the 50% Fibonacci retracement level of June-December 2021 upside, near 1.2485, limits the quote’s immediate moves.

Also challenging the quote’s further south-run is the RSI that is near to the oversold territory.

Hence, USD/CAD has limited room on the downside before allowing the bears to take a breather, which in turn highlights January’s low of 1.2450.

USDCAD SIGNAL : Even if the pair fails to rebound from 1.2450, multiple supports can test the bears between 1.2450 and the 1.2400 threshold.

Following that, the 61.8% Fibo. level near 1.2370 and an ascending support line from June 2021 near 1.2335 will act as the last defense of the USD/CAD bulls.

On the contrary, 10-DMA and the support-turned-resistance line, respectively near 1.2560 and 1.2600, challenge the USD/CAD pair’s short-term upside. Also acting as the key resistance is the 200-DMA level of 1.2615.

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