USD/CAD Price Analysis: Bears attack 1.2600 on the way to refresh multi-month low

USD/CAD takes offers near the intraday low.
Sustained break of one-month-old support line directs bears towards the yearly bottom, for now.
Two-week-old resistance line adds to the upside filters.

Anil Panchal FXStreet

USD/CAD stands on a slippery ground while declining to 1.2598, down 0.18% intraday, during Monday’s Asian session. In doing so, the quote attacks the yearly bottom marked during January 21 as sellers cheer downside break of a short-term support line.

While 1.2589 offers immediate support, bearish MACD and an absence of oversold RSI directs USD/CAD sellers towards the fresh multi-month low during further downside.

In doing so, the April 2018 bottom near 1.2525 and the 1.2500 round-figure should gain the market’s attention.

On the contrary, an upside break beyond the previous support line, at 1.2615 now, can trigger fresh corrective pullback targeting the 1.2700 round-figure.

However, any further upside will have to cross a descending resistance line from February 08, currently around 1.2735, to convince the USD/CAD bulls.

USD/CAD four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.26
Today Daily Change	-22 pips
Today Daily Change %	-0.17%
Today daily open	1.2622

Trends
Daily SMA20	1.2737
Daily SMA50	1.2744
Daily SMA100	1.2912
Daily SMA200	1.317

Levels
Previous Daily High	1.2714
Previous Daily Low	1.2594
Previous Weekly High	1.2746
Previous Weekly Low	1.2594
Previous Monthly High	1.2881
Previous Monthly Low	1.259
Daily Fibonacci 38.2%	1.264
Daily Fibonacci 61.8%	1.2668
Daily Pivot Point S1	1.2573
Daily Pivot Point S2	1.2524
Daily Pivot Point S3	1.2453
Daily Pivot Point R1	1.2692
Daily Pivot Point R2	1.2763
Daily Pivot Point R3	1.2812

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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