USD/CAD Price Analysis: 200-HMA guards immediate downside below 1.3600

USD/CAD recedes from 1.3580 but stays above near-term key moving average.
Bullish MACD signals also favor the buyers expecting to confront 61.8% Fibonacci retracement level.
A resistance-turned-support line from July 14 increases hardships for the bears.

Anil Panchal FXStreet

USD/CAD eases to 1.3575 during Friday’s Asian session. Even so, the pair seesaws around 50% Fibonacci retracement of July14-16 fall while also saying beyond 200-HMA. Also confirming the bullish bias is the MACD histogram and the quote’s sustained trading beyond a descending trend line from Tuesday.

As a result, the buyers can portray another attempt to cross 1.3600 round-figures with a 61.8% Fibonacci retracement level of 1.3590 acting as immediate resistance.

During the pair’s sustained rise past-1.3600, 1.3630 and the monthly high near 1.3645/50 become the key as a break of which will recall June 26 top near 1.3715.

Meanwhile, a downside break of 200-HMA can’t be considered as a green signal for the bears as the resistance-turned-support line, currently around 1.3530, raises the bars for sellers.

Should there be extended weakness below 1.3530, 1.3500 and June 23 low near 1.3485 will return to the charts.

USD/CAD hourly chart

Trend: Recovery expected

Additional important levels

Overview
Today last price	1.3571
Today Daily Change	-4 pips
Today Daily Change %	-0.03%
Today daily open	1.3575

Trends
Daily SMA20	1.3586
Daily SMA50	1.3681
Daily SMA100	1.3838
Daily SMA200	1.3508

Levels
Previous Daily High	1.3581
Previous Daily Low	1.3502
Previous Weekly High	1.3632
Previous Weekly Low	1.3491
Previous Monthly High	1.3802
Previous Monthly Low	1.3316
Daily Fibonacci 38.2%	1.3551
Daily Fibonacci 61.8%	1.3532
Daily Pivot Point S1	1.3524
Daily Pivot Point S2	1.3473
Daily Pivot Point S3	1.3445
Daily Pivot Point R1	1.3604
Daily Pivot Point R2	1.3632
Daily Pivot Point R3	1.3683

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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