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.

Anil Panchal FXStreet

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

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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