USD/CAD Price Analysis: Impending bear cross keeps sellers hopeful above 1.3400


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  • USD/CAD struggles for clear directions after two-day downtrend.
  • 100-HMA approaches 50-HMA from below, suggesting short-term downside.
  • Four-day-old resistance line adds to the upside filters.
  • Bears need validation from a two-week-old ascending support line.

USD/CAD treads water around 1.3430 during the early Friday in Asia, following a two-day losing streak. The Loonie pair’s latest inaction could be linked to the trader’s cautious mood ahead of the key employment data from the US and Canada.

Even so, a looming bear cross between the 100-HMA and 50-HMA keeps the USD/CAD sellers hopeful. It’s worth noting that the 100-HMA has to successfully pierce the 50-HMA to confirm the bearish bias.

That said, the bullish MACD signals challenge the quote’s downside after the latest fall, which in turn suggests a corrective bounce toward the HMA convergence area near 1.3475.

Also acting as an upside filter is a downward-sloping resistance line from Tuesday, close to 1.3490, as well as the 1.3500 threshold.

Hence, the USD/CAD pair remains on the bear’s radar unless crossing the 1.3500 mark, a break of which could direct the buyers toward the weekly top surrounding 1.3645.

On the flip side, an ascending trend line from November 16, close to 1.3380 at the latest, restricts the short-term downside of the Loonie pair.

Following that, the 1.3315 level may probe the USD/CAD bears before directing them to the monthly low near 1.3225.

USD/CAD: Hourly chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 1.3432
Today Daily Change -0.0019
Today Daily Change % -0.14%
Today daily open 1.3451
 
Trends
Daily SMA20 1.3416
Daily SMA50 1.3578
Daily SMA100 1.3286
Daily SMA200 1.3022
 
Levels
Previous Daily High 1.3594
Previous Daily Low 1.3426
Previous Weekly High 1.3495
Previous Weekly Low 1.3316
Previous Monthly High 1.3808
Previous Monthly Low 1.3226
Daily Fibonacci 38.2% 1.349
Daily Fibonacci 61.8% 1.353
Daily Pivot Point S1 1.3387
Daily Pivot Point S2 1.3322
Daily Pivot Point S3 1.3218
Daily Pivot Point R1 1.3555
Daily Pivot Point R2 1.3659
Daily Pivot Point R3 1.3723

 

 

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