USD/CAD Price Analysis: Bearish MACD keep sellers hopeful

USD/CAD fails to hold onto recovery gains, drops to the immediate support line.
A confluence of the weekly rising trend line and 38.2% Fibonacci retracement could challenge the bears afterward.
The bulls will need to defy the last weeks Doji formation to regain command.

Anil Panchal FXStreet

USD/CAD drops to the immediate rising support line, down 0.41% to 1.4435, amid the early Tuesday’s trading session. The pair fails to hold onto the previous day’s recovery gains while bearish MACD favors further declines.

As a result, sellers will aim for the weekly ascending trend line and 38.2% Fibonacci retracement of its March 15-19 upside, around 1.4300 during the sustained break below 1.4420 immediate support.

Should there be a clear downside past-1.4300, the pair becomes vulnerable to revisit Friday’s low near 1.4200 and 61.8% Fibonacci retracement around 1.4090.

On the upside, buyers can target 1.4670 on the successful break above 1.4550. However, the pair’s extended rise past-1.4670 will defy the latest Doji formation at the multi-month top and could escalate the run-up towards 1.4800 mark.

USD/CAD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.4436
Today Daily Change	-58 pips
Today Daily Change %	-0.40%
Today daily open	1.4494

Trends
Daily SMA20	1.3769
Daily SMA50	1.3429
Daily SMA100	1.33
Daily SMA200	1.3249

Levels
Previous Daily High	1.456
Previous Daily Low	1.4337
Previous Weekly High	1.4668
Previous Weekly Low	1.3788
Previous Monthly High	1.3465
Previous Monthly Low	1.3202
Daily Fibonacci 38.2%	1.4475
Daily Fibonacci 61.8%	1.4422
Daily Pivot Point S1	1.4368
Daily Pivot Point S2	1.4241
Daily Pivot Point S3	1.4145
Daily Pivot Point R1	1.459
Daily Pivot Point R2	1.4687
Daily Pivot Point R3	1.4813

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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