USD/CAD Price Analysis: 50-day EMA restricts pullback from weekly low


  • USD/CAD bears catch a breath around 50% Fibonacci retracement level.
  • A confluence of 100-day EMA, 61.8% Fibonacci retracement offers strong downside support.
  • A seven-week-old falling trend line caps the pair’s near-term upside.

USD/CAD takes rounds to 1.3940/35 amid the early Tuesday’s trading session. The pair dropped to the lowest since May 11 the previous day but sees to extend the fall below 50-day EMA. It’s worth mentioning that 50% Fibonacci retracement of the quote’s late-February to March month upside seems to limit the pair’s further downside.

Considering the pair’s sustained trading below 50-day EMA, sellers will look for a sustained break below 50% Fibonacci retracement level of 1.3935 to extend the recent fall towards April 30 low of 1.3850.

Though, 100-day EMA and 61.8% Fibonacci retracement around 1.3765/60 will check the bears during further downside.

Alternatively, a clear break above the 50-day EMA level of 1.3952 will have to cross a falling trend line from March 31, currently near 1.4130, to recall the bulls.

USD/CAD daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 1.3931
Today Daily Change -6 pips
Today Daily Change % -0.04%
Today daily open 1.3937
 
Trends
Daily SMA20 1.4048
Daily SMA50 1.4078
Daily SMA100 1.3642
Daily SMA200 1.3432
 
Levels
Previous Daily High 1.4114
Previous Daily Low 1.3936
Previous Weekly High 1.4141
Previous Weekly Low 1.3901
Previous Monthly High 1.4299
Previous Monthly Low 1.385
Daily Fibonacci 38.2% 1.4004
Daily Fibonacci 61.8% 1.4046
Daily Pivot Point S1 1.3877
Daily Pivot Point S2 1.3818
Daily Pivot Point S3 1.3699
Daily Pivot Point R1 1.4055
Daily Pivot Point R2 1.4174
Daily Pivot Point R3 1.4233

 

 

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