USD/CAD Technical Analysis: Struggles to make it through 50-DMA ahead of US CPI, Canadian jobs
|• The 50-day SMA continues to cap the pair's recent bounce from a confluence support, comprising of 100-day SMA and 50% Fibonacci retracement level of the 1.2527-1.3386 upsurge.
• Meanwhile, a descending trend-channel formation on the daily chart suggests near-term bearish bias, albeit will be confirmed only once the mentioned support is decisively broken.
• Alternatively, a convincing move beyond the 50-day SMA barrier might negate the negative outlook and pave the way for the resumption of the prior appreciating move.
• Today's important macro releases - US CPI and Canadian jobs report, might provide the required momentum and assist the pair to finally break out of its two-week-old trading band.
USD/CAD daily chart
Spot Rate: 1.3089
Daily High: 1.3123
Daily Low: 1.3040
Trend: Neutral- near-term breakout awaited
Resistance
R1: 1.3123 (current day swing high)
R2: 1.3147 (R3 daily pivot-point)
R3: 1.3183 (23.6% Fibonacci retracement level)
Support
S1: 1.3040 (current day swing low)
S2: 1.3000 (psychological round figure mark)
S3: 1.2965 (confluence region)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.