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29 Nov 2022

USD/CAD Price Analysis: Gravestone Doji, overbought RSI highlights 1.3440 support confluence

  • USD/CAD retreats from the highest levels in a fortnight, snaps two-day uptrend.
  • Bearish candlestick formation, overbought RSI (14) signals pullback.
  • Convergence of two-day-old support line, previous resistance from November 10 challenge bears.
  • Bulls need validation from 200-DMA to suggest further upside.

USD/CAD prints mild losses around 1.3490 as it probes the two-day uptrend at the highest levels in a fortnight during early Tuesday.

In doing so, the Loonie pair justifies the bearish candlestick formation, namely the Gravestone Doji, on the four-hour play. Also supporting the pullback move is the RSI (14) line that stays near the overbought region.

As a result, the quote’s pullback towards the 1.3440 support confluence, encompassing an ascending trend line from Friday and the resistance-turned-support from November 10, appears imminent.

However, the 1.3400 threshold and a two-week-old upward-sloping trend line near 1.3340 could challenge the USD/CAD bears afterward.

In the case where the pair remains bearish past 1.3340, the odds of witnessing a fresh monthly low, currently around 1.3225, can’t be ruled out.

Meanwhile, the USD/CAD pair’s upside momentum needs a successful break above the 1.3500 round figure to defy the bearish candlestick formation. Even so, the 200-SMA level surrounding 1.3530 could challenge the pair buyers.

Should the quote manage to remain firmer beyond the 200-SMA, a run-up toward the monthly high near 1.3810 could gain more acceptance.

USD/CAD: Four-hour chart

Trend: Pullback expected

 

Nov 29, 2022

USD/CNY fix: 7.1989 vs. last close 7.2066

In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) at 7.1989 vs. the last close 7.2066. About the fix China maintains strict
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Nov 29, 2022

GBP/USD senses hurdles below 1.1980 as hawkish Fed members strengthen risk-off mood

The GBP/USD pair has witnessed selling pressure around 1.1976 in the Tokyo session. The short-lived recovery in the Cable from the cushion of 1.1940 h
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