USD/CAD Price Analysis: Eases below 1.3100, weekly resistance line in focus

USD/CAD fades recovery moves from 50% Fibonacci retracement level.
Bullish MACD, two-week-old support line keep buyers hopeful.
61.8% Fibonacci retracement adds to the downside filter.

Anil Panchal FXStreet

USD/CAD drops to 1.3081 during Monday’s Asian trading. Even so, the pair keeps its U-turn from 50% Fibonacci retracement of November 09-13 upside amid bullish MACD. Also favoring the buyers is an upward sloping trend line from November 10.

Hence, USD/CAD bulls can look for fresh entries on the upside break of the immediate resistance line, stretched from November 13, at 1.3102 now, while watching over 1.3170/75 as the next hurdle to the north.

If at all the buyers manage to tackle the 1.3175 resistance, the 1.3300 round-figure and the monthly peak of 1.3370 will gain the market’s attention.

On the downside, a clear break below a two-week-old support line, currently around 1.3050, become necessary for the bears before revisiting the 50% of Fibonacci retracement and latest lows around 1.3030.

It should, however, be noted that the USD/CAD sellers’ dominance past-1.3030 can be tested by the 61.8% Fibonacci retracement level of 1.3020 and the 1.3000 psychological magnet before highlighting the monthly bottom close to 1.2930 for the bears.

USD/CAD hourly chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	1.3085
Today Daily Change	1 pip
Today Daily Change %	0.01%
Today daily open	1.3084

Trends
Daily SMA20	1.3139
Daily SMA50	1.3196
Daily SMA100	1.3256
Daily SMA200	1.3534

Levels
Previous Daily High	1.3097
Previous Daily Low	1.3039
Previous Weekly High	1.3142
Previous Weekly Low	1.3034
Previous Monthly High	1.339
Previous Monthly Low	1.3081
Daily Fibonacci 38.2%	1.3075
Daily Fibonacci 61.8%	1.3061
Daily Pivot Point S1	1.305
Daily Pivot Point S2	1.3016
Daily Pivot Point S3	1.2992
Daily Pivot Point R1	1.3107
Daily Pivot Point R2	1.3131
Daily Pivot Point R3	1.3165

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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