USD/CAD Price Analysis: Stays pressured below 50-SMA
|- USD/CAD holds lower ground after reversing from the key SMA.
- Easing bullish bias of MACD and failures to cross immediate hurdles keep bears hopeful.
USD/CAD remains depressed around 1.2300, down 0.08% intraday, amid Wednesday’s Asian session. The loonie pair jumped to the highest in four days the previous day before reversing from 50-SMA.
The pullback moves join recently easing MACD strength in favor of the bulls as well as sustained trading below important resistances to back the USD/CAD sellers.
As a result, the latest weakness could eye for the multi-month low marked in April around 1.2265.
However, any further moves will have to conquer the 2018 bottom surrounding 1.2250-45 before testing the late 2017 lows close to 1.2065-70.
Alternatively, the 50-SMA level of 1.2356 becomes the nearby hurdle for the USD/CAD buyers to tackle ahead of March lows around 1.2365.
Also likely to challenge the pair’s recovery moves are the 1.2420 and 1.2465 levels to the north.
USD/CAD four-hour chart
Trend: Bearish
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