USD/CAD Price Analysis: 100-HMA, weekly support probe bears above 1.2800

USD/CAD struggles to defend bounce off 100-HMA, four-day-old support line.
Sluggish MACD, steady RSI joins lower-high to keep sellers hopeful.
Descending trend line from July 26 challenge buyers.

Anil Panchal FXStreet

USD/CAD remains lackluster at around 1.2850, struggling to extend the previous day’s pullback from the weekly top, during Thursday’s Asian session.

That said, recent lower highs and steady RSI (14) line joins sluggish MACD signals, mostly bearish, appear to keep sellers hopeful.

However, a clear downside break of the 100-HMA and an upward sloping trend line from Monday, respectively around 1.2835 and 1.2830, restricts immediate USD/CAD downside moves.

Following that, the 1.2800 threshold and the double-bottom marked on July 29, near 1.2790, could challenge the pair’s downside before directing it to the two-month low flashed on Monday, at 1.2767.

Meanwhile, recovery moves need validation from the 50% and 61.8% Fibonacci retracement level of July 25 to August 01 moves, near 1.2860 and 1.2880 in that order.

Even so, a downward sloping trend line from July 26, close to 1.2890, quickly followed by the 1.2900 round figure, will challenge the Loonie pair buyers.

Overall, USD/CAD remains sidelined as buyers retreat ahead of the key US/Canada jobs report for July, up for publishing on Friday.

USD/CAD: Hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.2845
Today Daily Change	0.0003
Today Daily Change %	0.02%
Today daily open	1.2842

Trends
Daily SMA20	1.2915
Daily SMA50	1.2858
Daily SMA100	1.278
Daily SMA200	1.2731

Levels
Previous Daily High	1.2892
Previous Daily Low	1.2833
Previous Weekly High	1.2947
Previous Weekly Low	1.2789
Previous Monthly High	1.3224
Previous Monthly Low	1.2789
Daily Fibonacci 38.2%	1.2855
Daily Fibonacci 61.8%	1.2869
Daily Pivot Point S1	1.2819
Daily Pivot Point S2	1.2796
Daily Pivot Point S3	1.276
Daily Pivot Point R1	1.2878
Daily Pivot Point R2	1.2914
Daily Pivot Point R3	1.2937

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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