USD/CAD Price Analysis: Bears approach 1.3670 support

USD/CAD extends the previous day’s pullback from 29-month high, pokes 50-SMA of late.
Bearish MACD signals, sustained break of an ascending trend line from September 13 keeps sellers hopeful.
Buyers need to provide a daily close beyond 1.3865 to retake control.

Anil Panchal FXStreet

USD/CAD takes offers to refresh intraday low around 1.3710 during early Friday morning in Europe. In doing so, the Loonie pair stretches Thursday’s losses while poking the 50-SMA support.

It’s worth noting, however, that the bearish MACD signals and the pair’s sustained downside break of the one-month-old ascending trend line favor sellers of late.

With this, the USD/CAD bears are on the way to an upward-sloping support line from September 14, near 0.9670, a break of which will make the quote vulnerable to refresh the monthly low, currently around 1.3500.

Alternatively, recovery moves need to cross the previous support line from mid-September, close to 1.3745 at the latest.

Even so, a 12-day-old ascending resistance line of around 1.3865 could challenge the USD/CAD buyers.

Following that, a run-up towards the latest swing high near 1.3980 and then to the 1.4000 psychological magnet can’t be ruled out.

Overall, USD/CAD is likely to witness further downside but the bullish trend is far from reversing.

USD/CAD: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.3714
Today Daily Change	-0.0037
Today Daily Change %	-0.27%
Today daily open	1.3751

Trends
Daily SMA20	1.362
Daily SMA50	1.3251
Daily SMA100	1.3055
Daily SMA200	1.2876

Levels
Previous Daily High	1.3978
Previous Daily Low	1.3707
Previous Weekly High	1.3827
Previous Weekly Low	1.3503
Previous Monthly High	1.3838
Previous Monthly Low	1.2954
Daily Fibonacci 38.2%	1.381
Daily Fibonacci 61.8%	1.3874
Daily Pivot Point S1	1.3646
Daily Pivot Point S2	1.3541
Daily Pivot Point S3	1.3375
Daily Pivot Point R1	1.3917
Daily Pivot Point R2	1.4083
Daily Pivot Point R3	1.4188

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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