USD/CAD Price Analysis: Intraday positive move falters near 1.2800 confluence hurdle

USD/CAD gained strong follow-through traction for the second consecutive session on Monday.
The momentum stalled near the around the 1.2800 mark, or 200-period SMA on the 4-hourly chart.
Bulls might wait for a sustained move beyond the mentioned barrier before placing fresh bets.

Haresh Menghani FXStreet

The USD/CAD pair built on last week's goodish rebound from multi-year lows and gained strong follow-through traction for the second consecutive session on Monday.

Bulls, however, struggled to capitalize on the momentum and faced rejection near the 1.2800 confluence resistance. The mentioned barrier comprises of 200-period SMA on the 4-hourly chart and a descending trend-line, extending from mid-November.

Meanwhile, technical indicators on hourly charts have been gaining positive traction but are yet to confirm a bullish bias on the daily charts. This, in turn, warrants some caution before positioning for any further appreciating move.

Hence, it will be prudent to wait for some follow-through buying beyond the 1.2800 mark pivotal point in order to confirm that the USD/CAD pair has bottomed out in the near-term. This, in turn, will be seen as a fresh trigger for bullish traders.

Any further positive move is likely to confront resistance near monthly swing highs, around the 1.2835 region. A sustained strength above will be seen as a fresh trigger for bullish traders and push the USD/CAD pair towards the 1.2900 mark.

The momentum could further get extended towards an intermediate resistance near the 1.2955 region, above which the USD/CAD pair seems all set to aim back towards conquering the key 1.3000 psychological mark.

On the flip side, immediate support is pegged near the 1.2740-35 horizontal zone. A convincing break below might turn the USD/CAD pair vulnerable to break below the 1.2700 mark and slide further towards testing the next relevant support near the 1.2670-65 region.

USD/CAD 4-hourly chart

Technical levels to watch

USD/CAD

Overview
Today last price	1.2772
Today Daily Change	0.0038
Today Daily Change %	0.30
Today daily open	1.2734

Trends
Daily SMA20	1.2763
Daily SMA50	1.2866
Daily SMA100	1.3035
Daily SMA200	1.3335

Levels
Previous Daily High	1.2765
Previous Daily Low	1.2634
Previous Weekly High	1.2836
Previous Weekly Low	1.2625
Previous Monthly High	1.301
Previous Monthly Low	1.2688
Daily Fibonacci 38.2%	1.2715
Daily Fibonacci 61.8%	1.2684
Daily Pivot Point S1	1.2657
Daily Pivot Point S2	1.258
Daily Pivot Point S3	1.2526
Daily Pivot Point R1	1.2787
Daily Pivot Point R2	1.2841
Daily Pivot Point R3	1.2918

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD slumps below 1.1750 as USD benefits from risk-aversion

EUR/USD comes under renewed bearish pressure in the European session and trades below 1.1750 following a recovery attempt earlier in the day. The US Dollar gathers strength and weighs on the pair as investors seek refuge in the wake of Israel and the United States' joint attack on Iran.

GBP/USD targets 1.3500 barrier near moving averages

GBP/USD rebounds from the daily losses, trading around 1.3450 during the Asian hours on Monday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold surges on safe-haven demand, rises above $5,400

Gold benefits from intense risk-aversion on Monday and climbs above $5,400, setting a fresh monthly-high in the process. Tensions in the Middle East remain high as Israel and Hezbollah continue to exchange strikes following the US-Israel joint attack on Iran over the weekend.

Bitcoin, Ethereum and Ripple under pressure as key supports face breakdown risk

Bitcoin, Ethereum, and Ripple prices trade on the back foot at the start of this week on Monday, after extending losses in the previous week. BTC is on the brink of a breakdown, ETH is capped below key resistance, and XRP risks a crack of the trendline.

The market is paying for insurance, not apocalypse

As expected, this morning felt less like a Monday market open and more like a fire drill. Futures screens flickered red. S&P contracts down almost 1%. Nasdaq off 1.2%. Brent leaped 13% through $80. Gold rose 1.6% toward $5350 before paring some gains. The dollar is strutting mildly. The Swiss franc is quietly doing what it always does in a storm, catching some safe-haven flows.

Pi Network Price Forecast: Core team offloads supply, weighing on PI recovery

Pi Network hovers below $0.1700, broadly steady at press time on Monday, attempting a recovery after a 2% loss the previous day. Sunday’s decline aligned with nearly 49 million PI tokens offloaded by the Pi Foundation, implying a spike in supply pressure that capped the prevailing four-day recovery.