USD/CAD Price Analysis: On the back foot below 50-HMA, weekly resistance line

USD/CAD remains pressured near the lowest since January 2020.
Failures to cross a short-term resistance confluence favor sellers.
200-HMA adds to the upside barriers for the bulls’ entry.

Anil Panchal FXStreet

USD/CAD drops to 1.3085, down 0.10% on a day, during the pre-Tokyo open trading on Monday. In doing so, the loonie pair stays depressed for the fifth day in a row while taking rounds to the seven month low.

On Friday, the pair bounced off 1.3047, the multi-week low, but couldn’t cross a join of 50-HMA and a descending trend line from August 25.

As a result, sellers are currently targeting Friday’s low near 1.3050 before attacking the late-January bottom surrounding 1.3035/30 and the 1.3000 threshold. However, the pair’s further weakness might not refrain from attacking the yearly low surrounding 1.2950.

On the contrary, an upside break of 1.3115/20 resistance confluence will trigger the quote’s fresh rise towards a 200-HMA level of 1.3170.

Though, 1.3200 round-figures and multiple highs marked during August 20-25 can challenge the bulls beyond 200-HMA.

USD/CAD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.3086
Today Daily Change	-14 pips
Today Daily Change %	-0.11%
Today daily open	1.31

Trends
Daily SMA20	1.3238
Daily SMA50	1.3412
Daily SMA100	1.3634
Daily SMA200	1.3528

Levels
Previous Daily High	1.3133
Previous Daily Low	1.3048
Previous Weekly High	1.324
Previous Weekly Low	1.3048
Previous Monthly High	1.3646
Previous Monthly Low	1.3331
Daily Fibonacci 38.2%	1.308
Daily Fibonacci 61.8%	1.31
Daily Pivot Point S1	1.3054
Daily Pivot Point S2	1.3008
Daily Pivot Point S3	1.2969
Daily Pivot Point R1	1.314
Daily Pivot Point R2	1.3179
Daily Pivot Point R3	1.3225

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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