USD/CAD Price Analysis: Extends bounce off 50-day EMA towards 1.2800

USD/CAD renews intraday high, keeps corrective pullback from 13-day low.
Bearish MACD signals, steady RSI favor sellers until staying below 1.2920.
Key Fibonacci retracement levels add to the downside filters

Anil Panchal FXStreet

USD/CAD picks up bids to renew daily top surrounding 1.2800, after the biggest daily fall towards testing a fortnight low. In doing so, the Loonie pair rebounds from the 50-day EMA during Tuesday’s Asian session.

Even so, bearish MACD signals and the steady RSI keeps USD/CAD bulls worried. Also challenging the recovery moves is the 10-day EMA level surrounding 1.2845.

Additionally, a three-week-long horizontal area comprising the 23.6% Fibonacci retracement (Fibo.) of April-May upside, as well as the tops marked during early May, will also challenge the pair’s short-term upside near 1.2920.

In a case where USD/CAD rises past 1.2920, the 1.3000 threshold and the monthly peak of 1.3076 will be on the bull’s radar.

On the contrary, a daily closing below the 50-day EMA level of 1.2764 can direct USD/CAD sellers towards the 50% and 61.8% Fibonacci retracements, respectively near 1.2740 and 1.2660.

Following that, a south-run towards the late April swing low near 1.2460 can’t be ruled out.

USD/CAD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.2792
Today Daily Change	0.0025
Today Daily Change %	0.20%
Today daily open	1.2767

Trends
Daily SMA20	1.2874
Daily SMA50	1.2698
Daily SMA100	1.2694
Daily SMA200	1.2661

Levels
Previous Daily High	1.285
Previous Daily Low	1.2766
Previous Weekly High	1.2982
Previous Weekly Low	1.2776
Previous Monthly High	1.288
Previous Monthly Low	1.2403
Daily Fibonacci 38.2%	1.2799
Daily Fibonacci 61.8%	1.2818
Daily Pivot Point S1	1.2739
Daily Pivot Point S2	1.2711
Daily Pivot Point S3	1.2655
Daily Pivot Point R1	1.2822
Daily Pivot Point R2	1.2878
Daily Pivot Point R3	1.2906

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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