• USD/CAD extends pullback from one-week low inside short-term falling wedge.
  • Weekly resistance line, 200-hour EMA offers an immediate challenge to the bulls.
  • Sellers can have multiple rest-points before the monthly low.

USD/CAD rises to 1.3095 during the early Thursday’s trading in Asia. In doing so, the pair confronts a joint of 200-hour EMA and a falling trend line from November 13, forming part of a short-term falling wedge.

Although bullish MACD favors the pair’s strength, the key resistance confluence, followed by the 1.3100 threshold, can challenge the USD/CAD buyers.

Should the quote crosses 1.3100 mark, the last Friday’s high of 1.3172 can offer an intermediate halt before propelling the quote towards the monthly peak surrounding 1.3370. Meanwhile, the mid-October top around 1.3260 can act as an intermediate halt.

Alternatively, 50% Fibonacci retracement of November 09-13 upside, near 1.3050 may act as immediate support to watch for the USD/CAD sellers ahead of the bullish pattern’s lower line, currently around 1.3030.

In a case where the bears dominate past-1.3030, the 61.8% Fibonacci retracement level near 1.3020 and the 1.3000 psychological magnet can probe further downside before highlighting the monthly bottom close to 1.2930.

USD/CAD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 1.3095
Today Daily Change 15 pips
Today Daily Change % 0.11%
Today daily open 1.308
 
Trends
Daily SMA20 1.3145
Daily SMA50 1.3201
Daily SMA100 1.3266
Daily SMA200 1.3536
 
Levels
Previous Daily High 1.3118
Previous Daily Low 1.3034
Previous Weekly High 1.3173
Previous Weekly Low 1.2928
Previous Monthly High 1.339
Previous Monthly Low 1.3081
Daily Fibonacci 38.2% 1.3066
Daily Fibonacci 61.8% 1.3086
Daily Pivot Point S1 1.3037
Daily Pivot Point S2 1.2994
Daily Pivot Point S3 1.2954
Daily Pivot Point R1 1.3121
Daily Pivot Point R2 1.3161
Daily Pivot Point R3 1.3204

 

 

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