• USD/CAD pauses two-day uptrend near the highest levels in three weeks.
  • Bullish MACD signals, sustained break of 200-SMA keep buyers hopeful.
  • Weekly ascending trend line acts as the key short-term support.

USD/CAD retreats from a three-week high to 1.2736 during a quiet Asian session on Friday. In doing so, the Loonie pair drops for the first time in three days while stepping back from a one-month-old descending resistance line.

Even so, the quote’s successful trading above the 1.2695-2710 support zone, comprising 200-SMA and 50% Fibonacci retracement (Fibo.) of December-January declines, keeps USD/CAD buyers hopeful amid bullish MACD signals.

It’s worth noting that 61.8% Fibo. level near 1.2770 acts as an additional upside hurdle, should the quote manage to cross the immediate trend line barrier around 1.2750.

In a case where USD/CAD manages to stay firmer past 1.2770, the monthly high of 1.2813 and the late December tops close to 1.2850 will test the further advances before directing the quote towards the last month’s peak of 1.2964.

On the flip side, short-term sellers will gain momentum on the break of 1.2695. However, an ascending support line from January 20, near 1.2595, will challenge the USD/CAD sellers afterward.

If at all the USD/CAD bears conquer the 1.2595 support, the 23.6% Fibonacci retracement level of 1.2571 may offer an intermediate halt during the anticipated fall towards the monthly low of 1.2450.

USD/CAD: Four-hour chart

Trend: Further upside expected

Additional impotant levels

Overview
Today last price 1.2736
Today Daily Change 0.0060
Today Daily Change % 0.47%
Today daily open 1.2676
 
Trends
Daily SMA20 1.262
Daily SMA50 1.271
Daily SMA100 1.2623
Daily SMA200 1.2503
 
Levels
Previous Daily High 1.2688
Previous Daily Low 1.2559
Previous Weekly High 1.2584
Previous Weekly Low 1.2451
Previous Monthly High 1.2964
Previous Monthly Low 1.2608
Daily Fibonacci 38.2% 1.2639
Daily Fibonacci 61.8% 1.2609
Daily Pivot Point S1 1.2594
Daily Pivot Point S2 1.2512
Daily Pivot Point S3 1.2465
Daily Pivot Point R1 1.2723
Daily Pivot Point R2 1.277
Daily Pivot Point R3 1.2852

 

 

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