USD/CAD Price Analysis: Bounces off weekly low to defy pullback from key resistance


  • USD/CAD consolidates recent losses near the week’s low.
  • Bullish MACD suggests another attempt to cross seven-week-old resistance line.
  • 50-day SMA adds to the upside filter, bears have bumpy road below 1.2700.

USD/CAD rises to 1.2700 during Wednesday’s Asian session. In doing so, the loonie pair takes a U-turn from the week’s bottom. However, the quote stays below a downward sloping trend line from November 11 while maintaining its pullback marked the previous day.

With the MACD signals flashing green light, USD/CAD is likely to again confront an 11-week-old resistance line, at 1.2737 now. Though, a 50-day SMA near 1.2805 adds to the upside filters.

Should the USD/CAD prices rise beyond 1.2805, the monthly high of 1.2835 and the late December top surrounding 1.2835-40 will be in the spotlight afterward.

Meanwhile, a horizontal area comprising multiple lows marked since January 06, between 1.2625-30, will act as immediate support during the USD/CAD pair’s fresh downside.

Also acting as the key support will be the monthly low of 1.2589 as well as the April 2018 low near 1.2525.

USD/CAD daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 1.2697
Today Daily Change 4 pips
Today Daily Change % 0.03%
Today daily open 1.2693
 
Trends
Daily SMA20 1.271
Daily SMA50 1.2813
Daily SMA100 1.3007
Daily SMA200 1.3287
 
Levels
Previous Daily High 1.2783
Previous Daily Low 1.269
Previous Weekly High 1.2799
Previous Weekly Low 1.259
Previous Monthly High 1.301
Previous Monthly Low 1.2688
Daily Fibonacci 38.2% 1.2725
Daily Fibonacci 61.8% 1.2747
Daily Pivot Point S1 1.2661
Daily Pivot Point S2 1.2629
Daily Pivot Point S3 1.2568
Daily Pivot Point R1 1.2754
Daily Pivot Point R2 1.2815
Daily Pivot Point R3 1.2847

 

 

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