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GBP/USD

Silver

USD/CAD Price Analysis: Drops to fresh low since February 2018

USD/CAD stays offered near multi-month low, eyes further losses.
Bearish MACD, failures to cross two-week-old horizontal resistance favor sellers.
200-SMA adds to the upside filters, descending support line from late January lures bears.

Anil Panchal FXStreet

USD/CAD drops to the fresh 37-month low while taking offers near 1.2455 during early Monday. In doing so, the quote justifies the latest week’s downswing from short-term horizontal resistance amid bearish MACD.

The sellers are currently eyeing the mid-February lows near 1.2450 while keeping a downward sloping trend line from January 21, currently around 1.2410 on the table.

Should USD/CAD sellers refrain from stepping back around 1.2410, the year 2018 low near 1.2250-45 should return to the chart.

Meanwhile, the corrective pullback may eye to regain the 1.2500 threshold but multiple lows marked since February 25 near 1.2575 can question further recoveries.

Even if the USD/CAD bulls manage to cross the 1.2575 hurdle, which is less likely, the 200- SMA level of 1.2682 will be a tough nut to crack.

USD/CAD four-hour chart

Trend: Bearish

Additional important levels

Overview

Today last price

1.2457

Today Daily Change

-15 pips

Today Daily Change %

-0.12%

Today daily open

1.2472

Trends

Daily SMA20

1.2628

Daily SMA50

1.269

Daily SMA100

1.2827

Daily SMA200

1.3084

Levels

Previous Daily High

1.2573

Previous Daily Low

1.2462

Previous Weekly High

1.27

Previous Weekly Low

1.2462

Previous Monthly High

1.287

Previous Monthly Low

1.2468

Daily Fibonacci 38.2%

1.2504

Daily Fibonacci 61.8%

1.2531

Daily Pivot Point S1

1.2432

Daily Pivot Point S2

1.2391

Daily Pivot Point S3

1.2321

Daily Pivot Point R1

1.2543

Daily Pivot Point R2

1.2614

Daily Pivot Point R3

1.2654

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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