USD/CAD Price Analysis: Multiple upside barriers to challenge the bulls

USD/CAD extends declines from the monthly top.
The mid-month tops, the immediate ascending trend line on sellers’ radar.
50-day SMA, 61.8% Fibonacci retracement hold the key to 200-day SMA.

Anil Panchal FXStreet

Following its pullback from the monthly top, USD/CAD drops to sub-1.3130 area during the pre-Europe session on Friday. The pair recently failed to cross 50-day SMA, not to forget 50% Fibonacci retracement level of September 2019 to January 2020 fall.

Sellers now target multiple highs marked during the middle of the month around 1.3080. However, an upward sloping trend line since January 01, at 1.3050, could question further declines.

On the upside, 50% Fibonacci retracement and 50-day SMA will guard the near-term recovery around 1.3140/50, a break of which could escalate the run-up towards 61.8% Fibonacci retracement level of 1.3200.

If at all the bulls manage to keep the sentiment intact beyond 1.3200, a 200-day SMA level of 1.3240 could return to the charts.

USD/CAD daily chart

Trend: Pullback expected

additional important levels

Overview
Today last price	1.3128
Today Daily Change	-3 pips
Today Daily Change %	-0.02%
Today daily open	1.3131

Trends
Daily SMA20	1.3045
Daily SMA50	1.3149
Daily SMA100	1.3179
Daily SMA200	1.3235

Levels
Previous Daily High	1.3174
Previous Daily Low	1.3124
Previous Weekly High	1.3081
Previous Weekly Low	1.3031
Previous Monthly High	1.3322
Previous Monthly Low	1.2951
Daily Fibonacci 38.2%	1.3143
Daily Fibonacci 61.8%	1.3155
Daily Pivot Point S1	1.3112
Daily Pivot Point S2	1.3093
Daily Pivot Point S3	1.3062
Daily Pivot Point R1	1.3162
Daily Pivot Point R2	1.3193
Daily Pivot Point R3	1.3212

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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