- 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.
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
Additional important levels
|Today last price||1.2644|
|Today Daily Change||-83 pips|
|Today Daily Change %||-0.65%|
|Today daily open||1.2727|
|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|
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