USD/CAD Price Analysis: Bears cheer break of key support below 1.3600

USD/CAD drops to three-month low, under 61.8% Fibonacci retracement.
200-day SMA, February month’s high on the sellers’ radar.
Buyers will refrain entries unless regaining the 1.3730/35 support-turned-resistance.

Anil Panchal FXStreet

USD/CAD extends the previous day’s heavy fall to 1.3553, down 0.13% on a day, amid the initial Asian session on Tuesday. In addition to the pair’s declines below 100-day SMA and an ascending trend line from the early-March, sustain trading below 61.8% Fibonacci retracement of December 2019 to March 2020 upside also portrays the bears’ dominance.

With that in the backdrop, sellers are targeting a confluence of 200-day SMA and February month high, around 1.3465/60 during the further downside.

However, the quote’s additional weakness under 1.3460 makes it vulnerable to visit February 10 high near 1.3330.

Alternatively, a daily closing beyond 61.8% Fibonacci retracement near 1.3610 could trigger the pair’s fresh recovery towards the support-turned-resistance area of 1.3730/35.

Even so, 50% Fibonacci retracement and April month’s low, respectively around 1.3810 and 1.3850, could keep the tab on buyers.

USD/CAD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.356
Today Daily Change	-12 pips
Today Daily Change %	-0.09%
Today daily open	1.3572

Trends
Daily SMA20	1.3941
Daily SMA50	1.402
Daily SMA100	1.3724
Daily SMA200	1.346

Levels
Previous Daily High	1.3802
Previous Daily Low	1.3558
Previous Weekly High	1.4008
Previous Weekly Low	1.3715
Previous Monthly High	1.4173
Previous Monthly Low	1.3715
Daily Fibonacci 38.2%	1.3651
Daily Fibonacci 61.8%	1.3709
Daily Pivot Point S1	1.3487
Daily Pivot Point S2	1.3401
Daily Pivot Point S3	1.3243
Daily Pivot Point R1	1.373
Daily Pivot Point R2	1.3888
Daily Pivot Point R3	1.3973

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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