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.
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
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.
