USD/CAD Price Analysis: Bears look for entries below nine-week-old support line

USD/CAD remains depressed after refreshing two-week low the previous day.
Sustained trading below short-term SMAs, normal RSI conditions favor sellers.

Anil Panchal FXStreet

USD/CAD eases to 1.3130 during the initial Asian session on Thursday. The pair dropped to the fresh lows since October 21 on Wednesday but couldn’t successfully break an upward sloping trend line from September 01.

However, the inability to rise past-21-day and 50-day SMAs join the absence of oversold RSI conditions to suggest the quote’s further downside.

Hence, USD/CAD bears are waiting for a clear break of the stated support line, at 1.3107 now, for fresh entries. It should be noted that the 1.3100 threshold can offer an additional filter to the south.

During the pair’s weakness past-1.3100, the previous month’s low near 1.3080 and 1.3040 support can offer an intermediate halt before highlighting September’s bottom close to 1.2995 for the USD/CAD sellers.

Alternatively, a daily closing beyond the 50-day SMA level of 1.3206 becomes necessary for the buyers to enter.

Following that the 1.3300 round-figure and the late-October top near 1.3390 should be in the spotlight.

USD/CAD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.3135
Today Daily Change	-17 pips
Today Daily Change %	-0.13%
Today daily open	1.3152

Trends
Daily SMA20	1.3193
Daily SMA50	1.3207
Daily SMA100	1.3323
Daily SMA200	1.3546

Levels
Previous Daily High	1.3234
Previous Daily Low	1.3104
Previous Weekly High	1.339
Previous Weekly Low	1.3125
Previous Monthly High	1.339
Previous Monthly Low	1.3081
Daily Fibonacci 38.2%	1.3154
Daily Fibonacci 61.8%	1.3185
Daily Pivot Point S1	1.3092
Daily Pivot Point S2	1.3033
Daily Pivot Point S3	1.2962
Daily Pivot Point R1	1.3223
Daily Pivot Point R2	1.3294
Daily Pivot Point R3	1.3353

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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