USD/CAD Price Analysis: Refreshes one-week low on the way to 1.2520 support-zone
|- USD/CAD stands on slippery grounds after declining back below 100-SMA.
- Bearish MACD, sustained break of the key SMAs keep sellers hopeful.
- Immediate falling trend line, March top add to the upside barriers.
USD/CAD takes offers around 1.2530, down 0.12% intraday, during early Friday. In doing so, the quote drops to the fresh low since March 23 while extending the downside break of 100-SMA and 200-SMA.
Given the MACD conditions flashing bearish signals, USD/CAD sellers can cheer sustained trading below key SMAs to target a horizontal area comprising multiple levels since March 11, around 1.2520.
Although the strong support area is expected to trigger a bounce, any failures will have another bouncing point of 1.2500 round-figure, a break of which will highlight the 1.2475 and March’s low of 1.2365 for USD/CAD bears.
Meanwhile, corrective pullback beyond the 100-SMA level of 1.2540 will need to cross the downward sloping trend line from Tuesday, around 1.2585.
Some extra challenges for the USD/CAD buyers are 200-SMA and March 30 high, respectively around 1.2590 and 1.2650.
USD/CAD four-hour chart
Trend: Further weakness expected
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