USD/CAD Price Analysis: Inside short-term falling channel below 200-HMA


  • USD/CAD stays inside bearish technical formation below the key short-term moving average.
  • 61.8% Fibonacci retracement offers immediate upside barrier, the channel’s support could keep bears in check.

USD/CAD remains on the back foot while staying inside a three-day-old falling channel below 200-HMA, currently up 0.07% around 1.4030, during the early Friday.

Also signaling the pair’s further downside is the sustained trading below 61.8% Fibonacci retracement of its March 15-19 upside.

That said, the pair now declines towards the formation’s support line, at 1.3970, with 1.4000 round-figure acting as an immediate rest.

During the pair’s sustained break below 1.3970, which is less likely considering bullish MACD, the mid-month bottom surrounding 1.3730 could return to the charts.

On the upside, 61.8% Fibonacci retracement level of 1.4090 can offer the immediate resistance ahead of the descending channel’s resistance, around 1.4190/95.

It should, however, be noted that the pair’s ability to cross 1.4200 enables it to question a 200-HMA level of 1.4330.

USD/CAD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price 1.4036
Today Daily Change 16 pips
Today Daily Change % 0.11%
Today daily open 1.402
 
Trends
Daily SMA20 1.3903
Daily SMA50 1.3499
Daily SMA100 1.3331
Daily SMA200 1.3264
 
Levels
Previous Daily High 1.4276
Previous Daily Low 1.401
Previous Weekly High 1.4668
Previous Weekly Low 1.3788
Previous Monthly High 1.3465
Previous Monthly Low 1.3202
Daily Fibonacci 38.2% 1.4112
Daily Fibonacci 61.8% 1.4175
Daily Pivot Point S1 1.3928
Daily Pivot Point S2 1.3836
Daily Pivot Point S3 1.3662
Daily Pivot Point R1 1.4194
Daily Pivot Point R2 1.4368
Daily Pivot Point R3 1.446

 

 

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