USD/CAD Price Analysis: Bounces off 200-hour EMA to probe 1.4000

USD/CAD extends pullback moves from 1.3980.
61.8% of Fibonacci retracement acts as immediate resistance.
A three-day-old rising trend line, recovery from the key EMA keep buyers hopeful.

Anil Panchal FXStreet

USD/CAD takes the bids near 1.4000, up 0.05% on a day, during the early Monday’s trading. Despite failing to cross 1.4050 resistance, the pair’s recent bounce from 200-hour EMA keeps buyers hopeful.

That said, bulls may again target 1.4050 resistance while also aiming 61.8% Fibonacci retracement of May 14-19 fall, around 1.4035 as immediate upside barrier.

In a case where the buyers manage to dominate past-1.4050, 1.4100, 1.4120 and May 14 top near 1.4140 could return to the charts.

On the downside, the pair’s break of a 200-hour EMA level of 1.3985 can drag it back to a short-term support line near 1.3930.

Though, 1.3900 round-figure and May 19 low near 1.3870/65 could challenge the bears afterward.

USD/CAD hourly chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	1.399
Today Daily Change	-10 pips
Today Daily Change %	-0.07%
Today daily open	1.4

Trends
Daily SMA20	1.4011
Daily SMA50	1.4089
Daily SMA100	1.368
Daily SMA200	1.3446

Levels
Previous Daily High	1.4049
Previous Daily Low	1.3942
Previous Weekly High	1.4114
Previous Weekly Low	1.3867
Previous Monthly High	1.4299
Previous Monthly Low	1.385
Daily Fibonacci 38.2%	1.4008
Daily Fibonacci 61.8%	1.3982
Daily Pivot Point S1	1.3944
Daily Pivot Point S2	1.3889
Daily Pivot Point S3	1.3837
Daily Pivot Point R1	1.4052
Daily Pivot Point R2	1.4104
Daily Pivot Point R3	1.4159

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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