USD/CAD Price Analysis: Flirts with 200-SMA after confirming rising wedge bearish pattern

USD/CAD consolidates recent losses despite confirming bearish chart formation.
Ascending support line from late June becomes the key, three-week-old horizontal area challenges buyers.
Downbeat Momentum line, rising wedge confirmation keep sellers hopeful.

Anil Panchal FXStreet

USD/CAD refreshes intraday low to 1.2519, down 0.05% on a day, amid Friday’s Asian session. Even so, the Loonie pair seesaws around 200-SMA while raising doubts on the rising wedge confirmation, portrayed on Thursday.

In addition to lacking a clear downside below the 200-SMA level of 1.2515, an ascending support line from June 23, close to 1.2480, also challenges the pair sellers.

It should be noted that sustained trading below 1.2480 will not hesitate to challenge five-week-long horizontal support surrounding 1.2420.

Meanwhile, USD/CAD sellers remain hopeful unless the quote bounces back beyond 1.2545, defying the bearish pattern.

Even so, the formation’s upper line and a short-term horizontal resistance, respectively near 1.2600 and 1.2610, will be a strong hurdle for the bulls to retake controls.

Should the quote remains firmer past 1.2610, 1.2670 and 1.2730 will be important to watch ahead of the previous month’s top around 1.2810.

USD/CAD: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.252
Today Daily Change	0.0015
Today Daily Change %	0.12%
Today daily open	1.2505

Trends
Daily SMA20	1.2558
Daily SMA50	1.2411
Daily SMA100	1.2371
Daily SMA200	1.257

Levels
Previous Daily High	1.2548
Previous Daily Low	1.2489
Previous Weekly High	1.2581
Previous Weekly Low	1.2453
Previous Monthly High	1.2808
Previous Monthly Low	1.2303
Daily Fibonacci 38.2%	1.2512
Daily Fibonacci 61.8%	1.2526
Daily Pivot Point S1	1.248
Daily Pivot Point S2	1.2455
Daily Pivot Point S3	1.2421
Daily Pivot Point R1	1.2539
Daily Pivot Point R2	1.2573
Daily Pivot Point R3	1.2598

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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