USD/CAD Price Analysis: Bouncing off multi-year lows near 1.2070

USD/CAD holds onto a quiet tone in the early European session.
Pair looks out for gains, inching toward 20-hour SMA.
Oversold momentum oscillator points to stretched selling conditions.

Rekha Chauhan Independent Analyst

The USD/CAD pair seesaws in the early European session. The pair opened higher earlier, albeit fizzling out rather quickly toward the session’s low of 1.2088.

At the time of writing, the USD/CAD pair is trading at 1.2096, down 0.01% on the day.

USD/CAD hourly chart

On the hourly chart, the pair has been consolidating near the 1.2090 mark,in progress to capture the 20-hour Simple Moving Average (SMA) placed at 1.2100. In doing so, the pair would carve a path toward the 1.2140 and the 1.2180 horizontal resistance zone.

The next area of resistance would be the May 6 high at 1.2288.

On the flip side, the Moving Average Convergence Divergence (MACD) indicator falters below the midline, and any downtick could bring the multi-year low from 2017 into the picture, where the first could be the September 2017 weekly low at 1.2061, followed by the weekly low of May 2015 at 1.2011.

USD/CAD Additional levels

USD/CAD

Overview
Today last price	1.209
Today Daily Change	-0.0011
Today Daily Change %	-0.09
Today daily open	1.2101

Trends
Daily SMA20	1.2383
Daily SMA50	1.2493
Daily SMA100	1.261
Daily SMA200	1.2867

Levels
Previous Daily High	1.2137
Previous Daily Low	1.2079
Previous Weekly High	1.2352
Previous Weekly Low	1.2122
Previous Monthly High	1.2654
Previous Monthly Low	1.2266
Daily Fibonacci 38.2%	1.2101
Daily Fibonacci 61.8%	1.2115
Daily Pivot Point S1	1.2075
Daily Pivot Point S2	1.2048
Daily Pivot Point S3	1.2017
Daily Pivot Point R1	1.2132
Daily Pivot Point R2	1.2163
Daily Pivot Point R3	1.219

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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