USD/CAD Price Analysis: Bulls fail to take out the 12-month descending trendline

Omkar Godbole FXStreet Contributor

USD/CAD trades near 1.2633 at press time, representing a 0.14% drop on the day. The US Dollar is nursing moderate losses across the board with President Joe Biden on the verge of passing the record $1.9 trillion fiscal stimulus plan.

The pair's daily chart shows the bulls failed to establish a foothold above the trendline falling from March 202 highs on Friday. Also, the pair faced rejection at the trendline hurdle early today before falling to 1.2633.

A strong close above the descending trendline would imply an end of the 12-month bearish trend and expose resistance at 1.2881 (Jan. 28 high), above which, the focus would shift to 1.30.

As of now, the pair looks south. Support is seen at 1.2575 (March 4 low) and 1.2468 (Feb. 25 low).

Daily chart

Trend: Bearish

Technical levels

USD/CAD

Overview
Today last price	1.2632
Today Daily Change	-0.0027
Today Daily Change %	-0.21
Today daily open	1.2659

Trends
Daily SMA20	1.2658
Daily SMA50	1.2709
Daily SMA100	1.2855
Daily SMA200	1.3107

Levels
Previous Daily High	1.2737
Previous Daily Low	1.2646
Previous Weekly High	1.274
Previous Weekly Low	1.2575
Previous Monthly High	1.287
Previous Monthly Low	1.2468
Daily Fibonacci 38.2%	1.2681
Daily Fibonacci 61.8%	1.2702
Daily Pivot Point S1	1.2624
Daily Pivot Point S2	1.2589
Daily Pivot Point S3	1.2533
Daily Pivot Point R1	1.2716
Daily Pivot Point R2	1.2772
Daily Pivot Point R3	1.2807

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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