USD/CAD Price Analysis: Bears flirt with two-week-old support line near 33-month low

USD/CAD remains pressured around multi-month lows even as immediate support probe bears amid oversold RSI.
200-HMA, weekly resistance line guard immediate upside, corrective pullback towards 1.2700 can’t be ruled out.

Anil Panchal FXStreet

USD/CAD declines to 1.2621, down 0.17% intraday, during early Thursday. The loonie pair dropped to the fresh low since April 2018 before bouncing off 1.2606.

However, the recovery moves recently faded around 1.2650 while battling a downward sloping trend line from January 06.

Other than the short-term support line, oversold RSI conditions also challenge the quote’s further weakness and support odds for a corrective pullback towards the 1.2700 round-figure.

Though, any further upside will be tamed by a confluence of 200-HMA and a falling trend line from Monday, around 1.2725.

On the flip side, a sustained downside past-1.2620 immediate support will have to break the 1.2600 round-figure before challenging the April 2018 low of 1.2525.

USD/CAD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.2622
Today Daily Change	-21 pips
Today Daily Change %	-0.17%
Today daily open	1.2643

Trends
Daily SMA20	1.2739
Daily SMA50	1.2846
Daily SMA100	1.3025
Daily SMA200	1.3316

Levels
Previous Daily High	1.2741
Previous Daily Low	1.2606
Previous Weekly High	1.2836
Previous Weekly Low	1.2625
Previous Monthly High	1.301
Previous Monthly Low	1.2688
Daily Fibonacci 38.2%	1.2658
Daily Fibonacci 61.8%	1.269
Daily Pivot Point S1	1.2586
Daily Pivot Point S2	1.2528
Daily Pivot Point S3	1.2451
Daily Pivot Point R1	1.2721
Daily Pivot Point R2	1.2799
Daily Pivot Point R3	1.2856

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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