USD/CAD intraday: the downside prevails as long as

USD/CAD intraday: the downside prevails as long as 1.2745 is resistance

USDCAD

Trading Central 2021-01-13 04:59:04

Our pivot point is at 1.2745.

Our preference: the downside prevails as long as 1.2745 is resistance.

Alternative scenario: the upside breakout of 1.2745, would call for 1.2778 and 1.2799.

Comment: the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.2747 and 1.2760).

Supports and resistances:

1.2799 **

1.2778 *

1.2745 **

1.2731

1.2712 last

1.2668

1.2648 **

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