USD/CAD Price Analysis: Bulls struggle to keep reins above 1.2750

USD/CAD stays depressed after stepping back from two-month-old resistance line.
21-day SMA, previous resistance from late-October restrict immediate downside.
Bullish MACD, sustained break of key resistance confluence, now support, favor buyers.

Anil Panchal FXStreet

USD/CAD eases to 1.2775 during Tuesday’s Asian session. The loonie pair refreshed monthly high the previous day after crossing 21-day SMA and a descending trend line from October 29. However, failure to cross a two-month-long resistance line dragged the quote backward.

Even so, strong support confluence and bullish MACD suggests the USD/CAD bounce off 1.2770, which in turn will again challenge the stated resistance line near 1.2830.

While the 1.2800 round-figure may offer an intermediate halt during the rise, 50-day SMA around 1.2890 and the 1.2900 threshold can question the USD/CAD bulls after the trend line breakout.

Alternatively, a downside break below 1.2770 might not hesitate to revisit the 1.2700 round-figure. Though, the mid-December lows surrounding 1.2690/85 can question USD/CAD sellers afterward.

If at all the quote remains depressed past-1.2685, the multi-month low flashed last Wednesday, near 1.2630, followed by the 1.2600 psychological magnet should return to the charts.

USD/CAD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.2775
Today Daily Change	75 pips
Today Daily Change %	0.59%
Today daily open	1.27

Trends
Daily SMA20	1.2771
Daily SMA50	1.2907
Daily SMA100	1.3057
Daily SMA200	1.3367

Levels
Previous Daily High	1.2743
Previous Daily Low	1.2659
Previous Weekly High	1.2798
Previous Weekly Low	1.263
Previous Monthly High	1.301
Previous Monthly Low	1.2688
Daily Fibonacci 38.2%	1.2711
Daily Fibonacci 61.8%	1.2691
Daily Pivot Point S1	1.2658
Daily Pivot Point S2	1.2616
Daily Pivot Point S3	1.2573
Daily Pivot Point R1	1.2742
Daily Pivot Point R2	1.2785
Daily Pivot Point R3	1.2827

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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