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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