USD/CAD Price Analysis: Defends key $1.2660 support ahead of US data, Powell

USD/CAD rebounds from ahead of key 1.2660 support.
Death cross suggests risks remain to the downside.
RSI on hourly chart sees an uptick but remains bearish.

Dhwani Mehta FXStreet

USD/CAD is making minor recovery attempts around the 1.2675 region, as the bulls yearn to regain the 1.2700 level ahead of the key US jobs data and Powell’s speech.

Despite the bounce, the bears are likely to retain control amid a bearish technical setup seen on the hourly chart.

The spot has confirmed a death cross formation on the given timeframe. A death cross is a bearish crossover and it occurs when the 50-simple moving average (SMA) crosses the 200-SMA from above.

The Relative Strength Index (RSI) has bounced-off lows but remains well below the midline, at 35.55, suggesting that the downside remains more compelling.

The recovery in USD/CAD is likely to meet strong offers at 1.2696, where the bearish 21-SMA aligns.

Recapturing the latter is critical to unleashing further recovery gains, with eyes set on the 1.2717 level. At this point, the 50 and 200-SMAs coincide.

On the flip side, a breach of the four-day-old falling trendline support at 1.2660 could trigger a sharp sell-off, opening floors for a test of the January 6 low at 1.2630.

USD/CAD: Hourly chart

USD/CAD: Additional levels

USD/CAD

Overview
Today last price	1.2674
Today Daily Change	-0.0027
Today Daily Change %	-0.21
Today daily open	1.27

Trends
Daily SMA20	1.277
Daily SMA50	1.2881
Daily SMA100	1.3044
Daily SMA200	1.3347

Levels
Previous Daily High	1.2747
Previous Daily Low	1.268
Previous Weekly High	1.2798
Previous Weekly Low	1.263
Previous Monthly High	1.301
Previous Monthly Low	1.2688
Daily Fibonacci 38.2%	1.2706
Daily Fibonacci 61.8%	1.2722
Daily Pivot Point S1	1.2671
Daily Pivot Point S2	1.2643
Daily Pivot Point S3	1.2605
Daily Pivot Point R1	1.2738
Daily Pivot Point R2	1.2776
Daily Pivot Point R3	1.2804

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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