- USD/CAD stays depressed near one-week low after multiple failures to cross 100-day EMA.
- The monthly ascending trend line adds to the support.
- 61.8% Fibonacci retracement, July-end top offer extra resistance.
USD/CAD drops to 1.3307 during the initial hours of Thursday’s Asian session. The loonie pair marked the heaviest losses in three weeks the previous day after taking a U-turn from 100-day EMA for the fifth time in the last one week.
While RSI consolidation, coupled with the multiple failures to clear the key EMA, favor sellers, 50-day EMA, at 1.3297 now, can restrict the pair’s immediate downside.
Should the sellers dominate below 50-day EMA, September 09 high around 1.3260 and an ascending trend line from the month-start, currently around 1.3230 can probe the USD/CAD bears afterward.
Meanwhile, the 50% Fibonacci retracement of June-September downside, close to 1.3355, becomes immediate resistance to watch during the pair’s fresh upside.
Though, buyers are less likely to be convinced unless witnessing a daily closing beyond the 100-day EMA level of 1.3394.
Following that, 61.8% of the mentioned Fibonacci retracement and July 30 peak, respectively near 1.3440 and 1.3460, will lure the USD/CAD bulls.
USD/CAD daily chart
Trend: Further weakness expected
Additional important levels
|Today last price||1.3309|
|Today Daily Change||-79 pips|
|Today Daily Change %||-0.59%|
|Today daily open||1.3388|
|Previous Daily High||1.3419|
|Previous Daily Low||1.3352|
|Previous Weekly High||1.3418|
|Previous Weekly Low||1.3171|
|Previous Monthly High||1.3451|
|Previous Monthly Low||1.302|
|Daily Fibonacci 38.2%||1.3393|
|Daily Fibonacci 61.8%||1.3378|
|Daily Pivot Point S1||1.3354|
|Daily Pivot Point S2||1.332|
|Daily Pivot Point S3||1.3287|
|Daily Pivot Point R1||1.342|
|Daily Pivot Point R2||1.3453|
|Daily Pivot Point R3||1.3487|
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