USD/CAD Price Analysis: Bears moved in, eyeing the 200-day EMA

The USD/CAD shifted neutral-downwards, with bears capping the pair’s upside as they eye the 200-day EMA.
USD/CAD Price Analysis: Bearish below 1.3500; otherwise, buyers could reclaim resistance levels.

Christian Borjon Valencia FXStreet

The USD/CAD gained traction on Tuesday, barely gaining 0.06%, and formed a spinning top. As the Asian session begins, the USD/CAD is subdued, with minuscule losses of 0.02%, trading at 1.3442.

USD/CAD Price action

The USD/CAD shifted from neutral to neutral-downward biased, based on price action tumbling below the 50 and 100-day Exponential Moving Averages (EMAs) at 1.3571 and 1.3515. That price action opened the door for further losses, with sellers eyeing a challenge of the 200-day EMA at 1.3372. Nevertheless, a spinning top emerged, with sellers taking a respite before committing to lower prices.

If USD/CAD drops below 1.3405, the current week’s low, that would open the door to testing the 200-day EMA. A break below and USD/CAD would dive into testing the YTD low at 1.3262.

Otherwise, a rebound at the 200-day EMA will underpin the USD/CAD towards the 1.3400 area. A decisive break and the major could rally initially toward the 100 and 50-day EMAs before challenging the 20-day EMA At 1.3584. Upside risks lie at 1.3600.

USD/CAD Technical Daily Chart

USD/CAD Technical Levels

USD/CAD

Overview
Today last price	1.3441
Today Daily Change	0.0005
Today Daily Change %	0.04
Today daily open	1.3436

Trends
Daily SMA20	1.3686
Daily SMA50	1.3544
Daily SMA100	1.3523
Daily SMA200	1.3378

Levels
Previous Daily High	1.3537
Previous Daily Low	1.3411
Previous Weekly High	1.3745
Previous Weekly Low	1.3508
Previous Monthly High	1.3862
Previous Monthly Low	1.3508
Daily Fibonacci 38.2%	1.3459
Daily Fibonacci 61.8%	1.3489
Daily Pivot Point S1	1.3386
Daily Pivot Point S2	1.3336
Daily Pivot Point S3	1.3261
Daily Pivot Point R1	1.3512
Daily Pivot Point R2	1.3587
Daily Pivot Point R3	1.3637

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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