USD/CAD Price Analysis: Bounces off 50-bar SMA towards two-week-old resistance line

USD/CAD flirts with 1.3100, keeps corrective pullback from short-term SMA.
Normal RSI conditions, strong SMA support suggest further recovery.
200-bar SMA adds to the upside filters, 1.3000 threshold also challenges the bears.

Anil Panchal FXStreet

USD/CAD wobbles around 1.3100 during the initial Asian session on Wednesday. The pair recently recovered from 50-bar SMA amid normal RSI conditions, which in turn suggest further corrective pullback towards a falling trend line from November 04.

Other than the stated resistance line near 1.3135, 200-bar SMA around 1.3165 also challenges the USD/CAD buyers ahead of pushing them towards the 1.3200 round-figure.

Further, the 61.8% Fibonacci retracement level of October 29 to November 09 downside, close to 1.3215, offers an extra resistance to watch for the buyers.

Meanwhile, a downside break below the 50-bar SMA level of 1.3070 will direct USD/CAD sellers towards the 1.3000 psychological magnet before highlighting 1.2960 support.

Though, any further weakness past-1.2960 will not refrain from challenging the monthly low of 1.2928.

USD/CAD four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	1.3099
Today Daily Change	5 pips
Today Daily Change %	0.04%
Today daily open	1.3094

Trends
Daily SMA20	1.315
Daily SMA50	1.3205
Daily SMA100	1.3276
Daily SMA200	1.3537

Levels
Previous Daily High	1.3142
Previous Daily Low	1.3066
Previous Weekly High	1.3173
Previous Weekly Low	1.2928
Previous Monthly High	1.339
Previous Monthly Low	1.3081
Daily Fibonacci 38.2%	1.3095
Daily Fibonacci 61.8%	1.3113
Daily Pivot Point S1	1.3059
Daily Pivot Point S2	1.3025
Daily Pivot Point S3	1.2983
Daily Pivot Point R1	1.3135
Daily Pivot Point R2	1.3176
Daily Pivot Point R3	1.3211

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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