USD/CAD Price Analysis: Justifies rising wedge confirmation around 1.2650


  • USD/CAD prints three-day downtrend as sellers attack weekly low.
  • Confirmation of the bearish chart pattern joins descending RSI line to favor sellers.
  • 50-SMA acts as immediate support ahead of early monthly swing high.
  • Descending trend line from Tuesday adds to the upside filters.

USD/CAD remains on the back foot for the third consecutive day, taking offers around 1.2650 to refresh intraday low during early Thursday.

The Loonie pair confirmed a rising wedge bearish chart pattern the previous day and the downward sloping RSI, not oversold, added strength to the fall afterward.

That said, the quote currently drops towards 50-SMA around 1.2620 but the early November highs near 1.2600 will challenge the USD/CAD bears afterward.

It should be noted that the theoretical target hints at a fresh monthly low under 1.2350 wherein the one-month-old rising support line can add to the downside filters near 1.2480.

Meanwhile, corrective pullback needs to cross the immediate resistance line from Tuesday, close to 1.2700, before recalling the USD/CAD bulls.

Following that, the monthly peak of 1.2744 and late September’s high near 1.2775 will be in focus.

USD/CAD: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 1.2652
Today Daily Change -0.0010
Today Daily Change % -0.08%
Today daily open 1.2662
 
Trends
Daily SMA20 1.2516
Daily SMA50 1.2534
Daily SMA100 1.2562
Daily SMA200 1.2471
 
Levels
Previous Daily High 1.271
Previous Daily Low 1.2651
Previous Weekly High 1.2663
Previous Weekly Low 1.2493
Previous Monthly High 1.2739
Previous Monthly Low 1.2288
Daily Fibonacci 38.2% 1.2674
Daily Fibonacci 61.8% 1.2688
Daily Pivot Point S1 1.2638
Daily Pivot Point S2 1.2615
Daily Pivot Point S3 1.2579
Daily Pivot Point R1 1.2698
Daily Pivot Point R2 1.2733
Daily Pivot Point R3 1.2757

 

 

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