USD/CAD Price Analysis: Fades gains above 200-hour moving average

USD/CAD trades below a key moving average support.
The hourly chart shows a rising channel breakdown and bearish average crossover.

Omkar Godbole FXStreet Contributor

The USD/CAD pair is trading just below the 200-hour moving average at 1.4073 at press time, having faced rejection at 1.4088 an hour ago.

Acceptance under the 200-hour average would mean the bounce from Thursday's low of 1.40 has ended and the sell-off suggested by the 4-hour chart rising channel breakdown has resumed.

The ascending channel was breached during Thursday's Asian trading hours and is now accompanied by a bearish crossover of the 50- and 100-hour averages and a below-50 reading on the hourly chart relative strength index.

Hence, a re-test of 1.40 looks likely. A violation there would shift the focus to recent lows near 1.3850. On the higher side, a move above 1.4250 is needed to revive the bullish setup.

1-hour chart

Trend: Bearish

Technical levels

USD/CAD

Overview
Today last price	1.4068
Today Daily Change	-0.0005
Today Daily Change %	-0.04
Today daily open	1.4073

Trends
Daily SMA20	1.4069
Daily SMA50	1.3843
Daily SMA100	1.3493
Daily SMA200	1.3361

Levels
Previous Daily High	1.4199
Previous Daily Low	1.4
Previous Weekly High	1.4182
Previous Weekly Low	1.3856
Previous Monthly High	1.4668
Previous Monthly Low	1.3315
Daily Fibonacci 38.2%	1.4076
Daily Fibonacci 61.8%	1.4123
Daily Pivot Point S1	1.3983
Daily Pivot Point S2	1.3892
Daily Pivot Point S3	1.3784
Daily Pivot Point R1	1.4181
Daily Pivot Point R2	1.4289
Daily Pivot Point R3	1.4379

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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