USD/CAD Price Analysis: Consolidates losses from multi-month low around mid-1.2600s


  • USD/CAD eases from intraday high after refreshing the lowest levels since April 2018 the previous day.
  • Ability to regain above short-term horizontal support, receding bearish bias of MACD favor further short-covering.
  • 200-bar SMA, weekly resistance line challenge buyers.

USD/CAD declines to 1.2642 while fading the corrective pullback from a fresh multi-month low during Friday’s Asian trading. Even so, the quote prints 0.08% intraday gains and regains past-12-day-old horizontal support. Additionally, bearish MACD also seems to weaken, which in turn strengthens the odds of further recovery in the quote.

As a result, USD/CAD buyers can target the weekly resistance line, at 1.2690 now, during the further upside.

However, any more rise will have to battle the 1.2700 threshold and 200-bar SMA, currently around 1.2756, to probe the week’s high of 1.2799.

Meanwhile, a downside break of 1.2625 will recall the sellers targeting the April 2018 bottom surrounding 1.2525.

During the fall, the 1.2600 can act as a downside filter whereas the late-February 2018 low near 1.2450 can please the USD/CAD bears afterward.

USD/CAD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 1.2645
Today Daily Change 13 pips
Today Daily Change % 0.10%
Today daily open 1.2632
 
Trends
Daily SMA20 1.2728
Daily SMA50 1.2836
Daily SMA100 1.302
Daily SMA200 1.3308
 
Levels
Previous Daily High 1.2648
Previous Daily Low 1.259
Previous Weekly High 1.2836
Previous Weekly Low 1.2625
Previous Monthly High 1.301
Previous Monthly Low 1.2688
Daily Fibonacci 38.2% 1.2612
Daily Fibonacci 61.8% 1.2625
Daily Pivot Point S1 1.2598
Daily Pivot Point S2 1.2565
Daily Pivot Point S3 1.254
Daily Pivot Point R1 1.2656
Daily Pivot Point R2 1.2681
Daily Pivot Point R3 1.2715

 

 

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