USD/CAD Price Analysis: 200-HMA probes buyers below 1.3400

USD/CAD consolidates the biggest daily slump in over a month.
61.8% Fibonacci retracement triggers corrective bounce amid oversold RSI.
200-HMA joins sluggish MACD signals to probe Loonie pair buyers.

Anil Panchal FXStreet

USD/CAD retreats from intraday high as buyers struggle to overcome the key Hourly Moving Average (HMA) during early Monday in Europe. Even so, the Loonie pair prints 0.20% intraday gains around 1.3375 as it pares the heaviest daily loss in five weeks, marked the previous day.

The quote’s recovery could be linked to its bounce off the 61.8% Fibonacci retracement level of February 02-06 upside amid the oversold RSI (14) conditions.

However, the 200-HMA level challenges the USD/CAD pair’s immediate upside near 1.3385.

Given the bullish MACD signals, despite being sluggish of late, the Loonie pair may remain on the bull’s radar, suggesting a clear break of the immediate HMA hurdle surrounding 1.3385.

Following that, 1.3415 may test the upside momentum before directing the USD/CAD bulls toward the two-week-old horizontal resistance area near 1.3470.

In a case where USD/CAD remains firmer past 1.3470, it can aim for a late January swing high near 1.3520.

Alternatively, the 61.8% Fibonacci retracement level, also known as the golden Fibonacci ratio, puts a floor under the USD/CAD prices of around 1.3340, a break of which highlights the 1.3300 round figure for the bears.

Should USD/CAD breaks the 1.3300 round figure, the monthly low and November 2022 trough, respectively near 1.3260 and 1.3225, will gain the market’s attention.

USD/CAD: Hourly chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	1.3374
Today Daily Change	0.0029
Today Daily Change %	0.22%
Today daily open	1.3345

Trends
Daily SMA20	1.3386
Daily SMA50	1.3492
Daily SMA100	1.3533
Daily SMA200	1.3236

Levels
Previous Daily High	1.3472
Previous Daily Low	1.3338
Previous Weekly High	1.3476
Previous Weekly Low	1.3338
Previous Monthly High	1.3685
Previous Monthly Low	1.33
Daily Fibonacci 38.2%	1.3389
Daily Fibonacci 61.8%	1.3421
Daily Pivot Point S1	1.3298
Daily Pivot Point S2	1.3251
Daily Pivot Point S3	1.3164
Daily Pivot Point R1	1.3432
Daily Pivot Point R2	1.3519
Daily Pivot Point R3	1.3566

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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