USD/CAD Price Analysis: Clings to 200-week SMA, 1.3100 in the spotlight

USD/CAD remains on the back-foot near the seven-month low flashed on Monday.
The key SMA probe bears ahead of an ascending trend line from April 2018.
A falling trend line from March offers immediate resistance.

Anil Panchal FXStreet

USD/CAD stays pressured around 1.3170 amid the initial Asian session on Wednesday. The loonie pair slumped to the fresh low since late-January on Monday before bouncing back to 1.3217. Though, Tuesday’s selling defied hopes of the pair’s upside even if 200-week SMA confined the latest moves.

Considering the sluggish conditions of RSI and the pair’s sustained trading below the five-month-old resistance line, sellers are likely to keep the reins, which in turn can drive the quote towards the fresh seven-month low around 1.3100, comprising an ascending trend line from April 2018.

In a case where the pair fails to bounce off 1.3100, 61.8% Fibonacci retracement of 2017-20 upside, near 1.3055, will entertain the bears ahead of the 1.3000 thresholds.

Meanwhile, the buyers will look for entries past-1.3300 with the June month’s low of 1.3315 likely offering additional upside filter.

In doing so, the bulls can target May 2019 top surrounding 1.3565 while late-July peak close to 1.3470 may pose as a buffer.

USD/CAD weekly chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.317
Today Daily Change	-47 pips
Today Daily Change %	-0.36%
Today daily open	1.3217

Trends
Daily SMA20	1.3289
Daily SMA50	1.3447
Daily SMA100	1.3668
Daily SMA200	1.3531

Levels
Previous Daily High	1.3238
Previous Daily Low	1.3135
Previous Weekly High	1.3265
Previous Weekly Low	1.3133
Previous Monthly High	1.3646
Previous Monthly Low	1.3331
Daily Fibonacci 38.2%	1.3199
Daily Fibonacci 61.8%	1.3174
Daily Pivot Point S1	1.3155
Daily Pivot Point S2	1.3093
Daily Pivot Point S3	1.3052
Daily Pivot Point R1	1.3259
Daily Pivot Point R2	1.33
Daily Pivot Point R3	1.3362

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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