USD/CAD Price Analysis: 50-day EMA on bears’ radar


  • 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

Overview
Today last price 1.3309
Today Daily Change -79 pips
Today Daily Change % -0.59%
Today daily open 1.3388
 
Trends
Daily SMA20 1.3225
Daily SMA50 1.3251
Daily SMA100 1.3451
Daily SMA200 1.3527
 
Levels
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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