USD/CAD Price Analysis: Corrective pullback needs validation from 1.2322


  • USD/CAD prints mild gains on breaking weekly falling trend line.
  • Upbeat RSI teases bulls but a clear run-up past immediate trading range becomes necessary.
  • Bears can keep 2018 low on radars until witnessing an upside break of 1.2385.

USD/CAD picks up bids towards 1.2300, up 0.10% intraday, while heading into Tuesday’s European session.

In doing so, the quote portrays a small recovery move following the clearance of a descending trend line from April 23.

Although the upbeat RSI conditions back short-term USD/CAD buyers, the quote is yet to overcome a four-day-old trading range between 1.2266 and 1.2322.

Also acting as an upside barrier is the 1.2378-84 region comprising 200-HMA and April 26 low.

Meanwhile, USD/CAD sellers need a clear downside break of the previous resistance line near 1.2280 to challenge the latest low near 1.2265.

It should, however, be noted that the USD/CAD downside past-1.2265 will aim for a 2018 low of 1.2248 before directing bears toward the late 2017 bottom close to 1.2060.

USD/CAD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price 1.2295
Today Daily Change 14 pips
Today Daily Change % 0.11%
Today daily open 1.2281
 
Trends
Daily SMA20 1.2476
Daily SMA50 1.2535
Daily SMA100 1.2638
Daily SMA200 1.2897
 
Levels
Previous Daily High 1.2319
Previous Daily Low 1.2267
Previous Weekly High 1.2491
Previous Weekly Low 1.2266
Previous Monthly High 1.2654
Previous Monthly Low 1.2266
Daily Fibonacci 38.2% 1.2287
Daily Fibonacci 61.8% 1.2299
Daily Pivot Point S1 1.2259
Daily Pivot Point S2 1.2237
Daily Pivot Point S3 1.2207
Daily Pivot Point R1 1.2311
Daily Pivot Point R2 1.2341
Daily Pivot Point R3 1.2363

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Are you new to trading or have been trading for a while and you feel stuck?

Try with us!
Become Premium!
   

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD skyrockets to 1.2150 on poor US jobs figures

EUR/USD has hit a new multi-month peak above 1.2150 after the US reported an increase of only 266,000 jobs in April against nearly one million expected. The dollar is under immense pressure. 

EUR/USD News

GBP/USD soars toward 1.40 after disappointing Nonfarm Payrolls

GBP/USD has been extending its gains after the US Nonfarm Payrolls badly disappointed with an increase of only 266,000 jobs in April, nearing 1.40. Earlier, sterling benefited from the UK Conservative Party's gains in local elections. 

GBP/USD News

XAU/USD soars above $1,835 after weak Nonfarm Payrolls

Gold has leaped above $1,835 after the US reported an increase of only 266K jobs in April, far below expectations. Lower US yields support the precious metal.

Gold News

Judge reaffirms order SEC must produce documents on Bitcoin, Ether and XRP in Ripple case

Ripple's victory granted the firm access to the SEC's documents on the three leading cryptocurrencies. The regulatory agency recently denied the possession of these documents.

More Dogecoin News

S&P 500 and Nasdaq: Can the Fed pump anymore after weak jobs report

Well, that was an interesting jobs report. Not too many people were forecasting that one. Just in case you missed it NFP were forecast to come in around the 1 million jobs gained but instead the US only added 266k.

Read more

Forex MAJORS

Cryptocurrencies

Signatures