USD/CAD Price Analysis: Bears stay hopeful around 1.2600


  • USD/CAD stays depressed near multi-month low, inside short-term symmetrical triangle.
  • Sustained trading below key HMAs, trendline resistances favor sellers.

USD/CAD sellers attack 1.2600, currently around 1.2608, during the initial Asian session on Tuesday. In doing so, the quote remains depressed near the lowest level since April 2018, marked the previous day.

Although the immediate symmetrical triangle restricts short-term moves of the USD/CAD prices, the pair’s trading below 50 and 200-HMA, not to forget a downward sloping trend line from February 12, keep favoring the bears.

However, fresh declines await confirmation from the downside break of the stated triangle’s support, at 1.2595 now. The south-run may also get extra strength if successfully breaking below the latest low of 1.2580, also the 34-month bottom.

Following the quote’s sustained weakness past-1.2580, April 2018 low near 1.2525 and the 1.2500 round-figure will lure the USD/CAD sellers.

Meanwhile, 50-HMA joins the triangle’s resistance line to guard immediate upside moves around 1.2635, a break of which will accelerate the run-up towards a 200-HMA level of 1.2675.

In a case USD/CAD bulls remain dominant past-1.2675, the 1.2700 threshold and a short-term resistance line around 1.2715 will be the key upside hurdles to watch.

USD/CAD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price 1.2606
Today Daily Change -16 pips
Today Daily Change % -0.13%
Today daily open 1.2622
 
Trends
Daily SMA20 1.2737
Daily SMA50 1.2744
Daily SMA100 1.2912
Daily SMA200 1.317
 
Levels
Previous Daily High 1.2714
Previous Daily Low 1.2594
Previous Weekly High 1.2746
Previous Weekly Low 1.2594
Previous Monthly High 1.2881
Previous Monthly Low 1.259
Daily Fibonacci 38.2% 1.264
Daily Fibonacci 61.8% 1.2668
Daily Pivot Point S1 1.2573
Daily Pivot Point S2 1.2524
Daily Pivot Point S3 1.2453
Daily Pivot Point R1 1.2692
Daily Pivot Point R2 1.2763
Daily Pivot Point R3 1.2812

 

 

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