- USD/CAD trims early day gains towards revisiting the 100, 200-HMA confluence.
- Sustained trading above key Fibonacci retracements, MACD conditions favor recovery moves.
- Weekly resistance line holds the key to welcome buyers.
USD/CAD fades bounce off weekly lows while easing to 1.2630 during Wednesday’s Asian session. In doing so, the quote fizzles the early Asia recovery moves but stays above the key HMA confluence as the MACD teases bulls.
Even if the HMA confluence around 1.2620 fails to stop the latest selling pressure, 50% and 61.8% Fibonacci retracement levels of the USD/CAD upside during late last week, respectively around 1.2600 and 1.2570, will be challenging the bears.
In a case where USD/CAD sellers dominate past-1.2570, odds of its drop to the multi-month low marked last week, near 1.2470 can’t be ruled out.
Meanwhile, buyers will look for a clear break of a downward sloping trend line from Monday, currently, around 1.2680, to recall the bullish bets.
Following that, the latest swing high around 1.2740 and the previous month’s peak surrounding 1.2870 should return to the charts
USD/CAD hourly chart
Trend: Further recovery expected
Additional important levels
|Today last price||1.2631|
|Today Daily Change||10 pips|
|Today Daily Change %||0.08%|
|Today daily open||1.2621|
|Previous Daily High||1.2698|
|Previous Daily Low||1.26|
|Previous Weekly High||1.273|
|Previous Weekly Low||1.2468|
|Previous Monthly High||1.287|
|Previous Monthly Low||1.2468|
|Daily Fibonacci 38.2%||1.2638|
|Daily Fibonacci 61.8%||1.2661|
|Daily Pivot Point S1||1.2582|
|Daily Pivot Point S2||1.2542|
|Daily Pivot Point S3||1.2484|
|Daily Pivot Point R1||1.268|
|Daily Pivot Point R2||1.2738|
|Daily Pivot Point R3||1.2777|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.