USD/CAD Price Analysis: Double-top emerges, targeting 1.2930

USD/CAD prepares to finish the week with decent losses of 0.27%.
Failure at around 1.3200 spurred a double-top formation in the USD/CAD daily chart, which targets 1.2930.
The USD/CAD in the near term is also downward biased.

Christian Borjon Valencia FXStreet

The USD/CAD slides for the second consecutive day, tumbling to fresh weekly lows at around 1.3077, after failing to break the YTD high at 1.3227 twice in September. At the time of writing, the USD/CAD is trading at 1.3089, above its opening price, as the Asian Pacific session begins.

USD/CAD Price Analysis: Technical outlook

The USD/CAD daily chart indicates the pair is neutral-upwards biased. Nevertheless, price action during the last seven days witnessed a double-top formation, meaning that downside risks remain. Therefore, the USD/CAD first support would be the neckline at around 1.3074. A break below will expose an upslope trendline that passes around 1.3060, followed by the 20-day EMA at 1.3029. Once cleared, the next demand zone would be the 50-day EMA at 1.2952, followed by the double-top target at 1.2930.

Short term, the USD/CAD 4-hour chart depicts a trendline break, which also confluences with Friday’s daily pivot point at around 1.3110. However, a break below 1.3077 would exacerbate a move towards the confluence of the S1 daily pivot and the 100-EMA around 1.3048-60, which, once cleared, would pave the way towards the S2 pivot point at 1.3037, followed by the S3 daily pivot at 1.2975.

USD/CAD Key Technical Levels

USD/CAD

Overview
Today last price	1.3089
Today Daily Change	-0.0034
Today Daily Change %	-0.26
Today daily open	1.3123

Trends
Daily SMA20	1.3002
Daily SMA50	1.2948
Daily SMA100	1.2884
Daily SMA200	1.2782

Levels
Previous Daily High	1.3209
Previous Daily Low	1.3111
Previous Weekly High	1.3208
Previous Weekly Low	1.2972
Previous Monthly High	1.3141
Previous Monthly Low	1.2728
Daily Fibonacci 38.2%	1.3148
Daily Fibonacci 61.8%	1.3171
Daily Pivot Point S1	1.3086
Daily Pivot Point S2	1.3049
Daily Pivot Point S3	1.2988
Daily Pivot Point R1	1.3184
Daily Pivot Point R2	1.3246
Daily Pivot Point R3	1.3282

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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