USD/CAD Price Analysis: Buyers will look for entry above 200-day EMA

USD/CAD fails to extend the pullback from the key EMA, bounces off 38.2% Fibonacci retracement.
A monthly rising trend line portrays the short-term recovery.
50% Fibonacci retracement, a falling trendline since May 2019 add to the resistance.

Anil Panchal FXStreet

Following its failure to cross 200-day EMA, USD/CAD trades near 1.3165 during early Wednesday. In doing so, the quote bounces off 38.2% Fibonacci retracement of its fall from May 2019 to the current month’s low.

Considering bullish MACD and the recent pullback from 38.2% Fibonacci retracement, prices can again attempt to cross 200-day EMA, at 1.3195 now. Even so, 50% Fibonacci retracement near 1.3235 and a medium-term descending trend line near 1.3250 can keep the bulls chained.

Should there be a clear break of 1.3250, the bulls could aim for November 2019 top surrounding 1.3330.

On the downside, monthly rising trend ascending support line at 1.3080 holds the key to further declines towards 1.3000 and the January 01 low of 1.2900.

USD/CAD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.3162
Today Daily Change	-4 pips
Today Daily Change %	-0.03%
Today daily open	1.3166

Trends
Daily SMA20	1.3063
Daily SMA50	1.3145
Daily SMA100	1.3179
Daily SMA200	1.3232

Levels
Previous Daily High	1.3208
Previous Daily Low	1.3164
Previous Weekly High	1.3174
Previous Weekly Low	1.3036
Previous Monthly High	1.3322
Previous Monthly Low	1.2951
Daily Fibonacci 38.2%	1.3181
Daily Fibonacci 61.8%	1.3191
Daily Pivot Point S1	1.3151
Daily Pivot Point S2	1.3135
Daily Pivot Point S3	1.3107
Daily Pivot Point R1	1.3195
Daily Pivot Point R2	1.3223
Daily Pivot Point R3	1.3239

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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