• USD/CAD takes offers to refresh intraday low, prints three-day downtrend at two-month bottom.
  • Oversold RSI conditions, short-term key support line challenge bears.
  • Recovery remains elusive until staying below 61.8% Fibonacci retracement level.

USD/CAD bears keep reins for the third consecutive day around the lowest levels since June 10. That said, the Loonie pair refreshes its intraday low near 1.2745 heading into Friday’s European session.

With this, the quote pokes a 1.5-month-old downward sloping support line, around 1.2750-45 by the press time.

However, the receding bearish bias of MACD and the oversold RSI conditions challenge the sellers’ further dominance.

Also acting as a downside filter is the latest bottom surrounding 1.2730-25 and the 1.2700 threshold.

In a case where USD/CAD prices remain bearish past 1.2700, the 78.6% Fibonacci retracement level of June-July upside, near 1.2665, should return to the charts.

Meanwhile, recovery moves need to cross the 61.8% Fibonacci retracement, around 1.2790, as well as the 1.2800 round figure to convince buyers.

Even so, the upside momentum remains doubtful until the quote stays firmer above the 200-SMA, surrounding 1.2910 at the latest.

Overall, USD/CAD remains on the bear’s radar but the immediate downside appears limited.

USD/CAD: Four-hour chart

Trend: Corrective pullback expected

Additional important levels

Overview
Today last price 1.2749
Today Daily Change -0.0017
Today Daily Change % -0.13%
Today daily open 1.2766
 
Trends
Daily SMA20 1.2868
Daily SMA50 1.2879
Daily SMA100 1.2796
Daily SMA200 1.2744
 
Levels
Previous Daily High 1.2792
Previous Daily Low 1.2728
Previous Weekly High 1.2985
Previous Weekly Low 1.2768
Previous Monthly High 1.3224
Previous Monthly Low 1.2789
Daily Fibonacci 38.2% 1.2752
Daily Fibonacci 61.8% 1.2767
Daily Pivot Point S1 1.2732
Daily Pivot Point S2 1.2698
Daily Pivot Point S3 1.2667
Daily Pivot Point R1 1.2796
Daily Pivot Point R2 1.2826
Daily Pivot Point R3 1.286

 

 

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