- 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.
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
Additional important levels
|Today last price||1.4036|
|Today Daily Change||16 pips|
|Today Daily Change %||0.11%|
|Today daily open||1.402|
|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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