USD/CAD Price Analysis: Friday’s hanging man keep sellers hopeful below 1.3200

USD/CAD attacks the lower-end of the 1.3192-74 trading range.
21-day SMA, monthly support line can question the bearish candlestick formation.
Bulls may wait for a clear break of the monthly high before taking any major position.

Anil Panchal FXStreet

USD/CAD seesaws around 1.3185 during Monday’s Asian session. The loonie pair flashed bearish candlestick, hanging man, on Friday, but bounced off 21-day SMA amid bullish MACD.

Other than the 21-day SMA level of 1.3148, sellers may struggle unless the quote declines below an ascending trend line from September 01, at 1.3125 now.

In a case where the sellers manage to dominate past-1.3125, the month-start top near 1.3085 and the 1.3000 psychological magnet will gain market attention.

On the contrary, an upside break of Friday’s top near 1.3210 will defy the bearish candlestick formation.

Though, bulls may have to wait for the month’s fresh high above 1.3260 before entering the long positions.

USD/CAD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.3184
Today Daily Change	6 pips
Today Daily Change %	0.05%
Today daily open	1.3178

Trends
Daily SMA20	1.3146
Daily SMA50	1.3317
Daily SMA100	1.3539
Daily SMA200	1.3521

Levels
Previous Daily High	1.3208
Previous Daily Low	1.3151
Previous Weekly High	1.326
Previous Weekly Low	1.3053
Previous Monthly High	1.3451
Previous Monthly Low	1.302
Daily Fibonacci 38.2%	1.3173
Daily Fibonacci 61.8%	1.3186
Daily Pivot Point S1	1.315
Daily Pivot Point S2	1.3122
Daily Pivot Point S3	1.3094
Daily Pivot Point R1	1.3207
Daily Pivot Point R2	1.3236
Daily Pivot Point R3	1.3264

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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