USD/CAD Price Analysis: Bears stay hopeful despite latest rebound towards 1.3500

USD/CAD remains sidelined after breaking one-week-old ascending trend line the previous day.
Bearish MACD signals add strength to the downside bias targeting 200-SMA.
Bulls need successful break of 61.8% golden Fibonacci ratio to retake control.

Anil Panchal FXStreet

USD/CAD struggles for clear directions, despite picking up bids to refreshi ntraday high around 1.3470 during Tuesday’s Asian session, following a downbeat start of the week.

Although holidays in the US and Canada restricted the Loonie pair’s previous moves, the quote’s sustained trading below the previous support line from the last Tuesday, now resistance near 1.3490, keeps the pair sellers hopeful.

Also adding strength to the downside bias are the bearish MACD signals and a clear U-turn from the 61.8% Fibonacci retracement level of the pair’s December 2022 to February 2023 downside, near 1.3540 at the latest.

That said, the USD/CAD bears may aim for the 200-Simple Moving Average (SMA), close to 1.3400 by the press time, as an immediate target during the quote’s fresh downside past the latest low of 1.3440. Following that, the monthly bottom surrounding 1.3260 will be in focus.

Alternatively, the aforementioned support-turned-resistance line and the 61.8% Fibonacci retracement level could challenge the short-term USD/CAD buyers around 1.3490 and 1.3540 respectively.

In a case where the Loonie pair remains firmer past 1.3540, January’s peak surrounding 1.3685 and multiple hurdles marked during late 2022 around 1.3700 will be in the focus of the pair buyers.

To sum up, USD/CAD remains on the bear’s radar despite the latest corrective bounce.

USD/CAD: Four-hour chart

Trend: Further downside expected

Additoinal important levels

Overview
Today last price	1.3463
Today Daily Change	0.0010
Today Daily Change %	0.07%
Today daily open	1.3453

Trends
Daily SMA20	1.3382
Daily SMA50	1.3466
Daily SMA100	1.3516
Daily SMA200	1.3249

Levels
Previous Daily High	1.3495
Previous Daily Low	1.3441
Previous Weekly High	1.3538
Previous Weekly Low	1.3274
Previous Monthly High	1.3685
Previous Monthly Low	1.33
Daily Fibonacci 38.2%	1.3462
Daily Fibonacci 61.8%	1.3474
Daily Pivot Point S1	1.3431
Daily Pivot Point S2	1.341
Daily Pivot Point S3	1.3378
Daily Pivot Point R1	1.3485
Daily Pivot Point R2	1.3516
Daily Pivot Point R3	1.3538

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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