USD/CAD Price Analysis: Bears keep the reins below five-week-old hurdle, eye 1.2600

USD/CAD remains depressed while extending pullback from two weeks’ top.
Sustained trading below key trend line, 200-bar SMA, amid normal RSI, favors bears.
Horizontal area from late January adds to the upside filters.

Anil Panchal FXStreet

USD/CAD drops to 1.2641, down 0.10% intraday, amid the initial Asian session on Tuesday. In doing so, the loonie pair extends the previous day’s downbeat performance while portraying a u-turn from the five-week-old falling trend line as well as declining below 200-bar SMA.

Given the latest downside lacks oversold RSI conditions, the bears still have room for further gains.

As a result, the mid-February lows around the 1.2600 threshold gain attention as the immediate support.

Though, any further weakness will need to break the 1.2580 support before challenging Thursday’s multi-month low near 1.2468.

Meanwhile, the 1.2700 round-figure can offer immediate resistance to the USD/CAD prices ahead of the 200-bar SMA level of 1.2708.

During the quote’s sustained run-up beyond the key SMA, the aforementioned resistance line around 1.2730 and multiple tops and bottoms since January 29, close to 1.2760, will challenge the USD/CAD buyers.

USD/CAD four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.2644
Today Daily Change	-83 pips
Today Daily Change %	-0.65%
Today daily open	1.2727

Trends
Daily SMA20	1.2697
Daily SMA50	1.2731
Daily SMA100	1.2881
Daily SMA200	1.3136

Levels
Previous Daily High	1.273
Previous Daily Low	1.2587
Previous Weekly High	1.273
Previous Weekly Low	1.2468
Previous Monthly High	1.287
Previous Monthly Low	1.2468
Daily Fibonacci 38.2%	1.2675
Daily Fibonacci 61.8%	1.2642
Daily Pivot Point S1	1.2633
Daily Pivot Point S2	1.2539
Daily Pivot Point S3	1.249
Daily Pivot Point R1	1.2776
Daily Pivot Point R2	1.2824
Daily Pivot Point R3	1.2918

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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