USD/CAD Price Analysis: Buyers struggle to retake controls

USD/CAD extends bounce off 1.3037 to again attack 100-HMA immediate resistance.
Sustained trading beyond one-week-old falling trend line, receding bearish power of the MACD suggest further pullback.
Bears will wait for fresh monthly low before taking entries.

Anil Panchal FXStreet

USD/CAD traders jostle around 1.3050 as markets in Tokyo open for Thursday’s trading. The quote marks multiple failures to cross 100-HMA. However, a successful break of short-term resistance line, now support, joins the receding bearishness of MACD histogram to portray the recent recovery from 1.3037.

While a clear break of 100-HMA, at 1.3064 now, will help the pair to challenge the weekly top near 1.3095, any further upside will swindle around 200-HMA level around 1.3120.

Other than the key HMA, 61.8% Fibonacci retracement of the pair’s August 25 to September 01 fall, at 1.3145, also acts as the strong filter to the north.

Alternatively, the previous resistance, now support line, close to 1.3010 and the monthly bottom surrounding 1.2995 restrict the pair’s near-term downside.

It should, however, be noted that the quote’s extended weakness past-1.2995 makes it vulnerable to slip beneath the yearly bottom of 1.2951.

USD/CAD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.3048
Today Daily Change	3 pips
Today Daily Change %	0.02%
Today daily open	1.3045

Trends
Daily SMA20	1.3197
Daily SMA50	1.3381
Daily SMA100	1.3607
Daily SMA200	1.3524

Levels
Previous Daily High	1.3096
Previous Daily Low	1.3038
Previous Weekly High	1.324
Previous Weekly Low	1.3048
Previous Monthly High	1.3451
Previous Monthly Low	1.302
Daily Fibonacci 38.2%	1.306
Daily Fibonacci 61.8%	1.3073
Daily Pivot Point S1	1.3023
Daily Pivot Point S2	1.3002
Daily Pivot Point S3	1.2966
Daily Pivot Point R1	1.3081
Daily Pivot Point R2	1.3117
Daily Pivot Point R3	1.3139

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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