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- USD/CAD Price Analysis: Gravestone Doji, channel break directs bears towards 1.3200
USD/CAD Price Analysis: Gravestone Doji, channel break directs bears towards 1.3200
- USD/CAD justifies bearish candlestick formation, bullish channel rejection at multi-day high.
- Downbeat MACD, RSI conditions also keep sellers hopeful to test the key HMAs.
- Recovery moves need validation from the recent high to convince bulls.
USD/CAD remains pressured around 1.3345 after reversing from the 22-month high the previous day. In doing so, the Loonie pair justifies the bearish candlestick formation at the multi-day top, as well as a rejection of the previously bullish chart formation, during Tuesday’s Asian session.
Given the RSI and the MACD both support the latest weakness in the USD/CAD prices, the quote is likely to witness further downside.
However, 100-HMA and 200-HMA, respectively around 1.3225 and 1.3135, could challenge the pair sellers before directing them to the 1.3000 psychological magnet.
Even if the quote remains below the 1.3000 mark, the monthly low near 1.2950-55 will act as the final defense for the USD/CAD bulls.
Alternatively, recovery moves may initially aim for the one-week-old bullish channel’s support line, now resistance near 1.3300.
Following that, the top of the “Gravestone Doji”, near 1.3380, will be crucial as an upside break which could reject the bearish signals flashed by the candlestick at the multi-day top. In that case, October 2020 peak surrounding 1.3390 will be in focus.
USD/CAD: Hourly chart
Trend: Further weakness expected
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