USD/CAD Price Analysis: Path of least resistance appears to the downside


  • USD/CAD’s recovery capped below 1.3100 so far this Friday.
  • Hourly technical set up remains in favor of the bears.
  • Eyes on global market sentiment and Canadian data for fresh impulse.

USD/CAD has stalled its recovery from Thursday’s low of 1.3062, as a bunch of healthy resistance levels is stacked up, making it difficult for the bulls to fight back control.

The hourly chart shows that the recovery lost legs at 1.3088, the convergence of the bearish 21 and 100-hourly moving averages (HMA).

Following the rejection at that hurdle, the price slipped below the 50-HMA and 200-HMA support levels, calling for additional downside.

The hourly Relative Strength Index (RSI) languishes just below the 50 level, suggesting that the bearish bias remains intact.

Therefore, a test of Thursday’s low cannot be ruled out should the selling pressure accelerate.

The next downside target awaits at 1.3034, Wednesday’s low.

On the flip side, 1.3085 offers immediate resistance. That level is the meeting point of the 50 and 200-HMA now.

Meanwhile, the abovementioned barrier at 1.3088 is the level to beat for the bulls.

USD/CAD: Hourly chart

USD/CAD: Additional levels

USD/CAD

Overview
Today last price 1.3075
Today Daily Change 0.0016
Today Daily Change % 0.12
Today daily open 1.3061
 
Trends
Daily SMA20 1.3141
Daily SMA50 1.3198
Daily SMA100 1.3261
Daily SMA200 1.3535
 
Levels
Previous Daily High 1.3123
Previous Daily Low 1.3058
Previous Weekly High 1.3173
Previous Weekly Low 1.2928
Previous Monthly High 1.339
Previous Monthly Low 1.3081
Daily Fibonacci 38.2% 1.3083
Daily Fibonacci 61.8% 1.3098
Daily Pivot Point S1 1.3038
Daily Pivot Point S2 1.3015
Daily Pivot Point S3 1.2973
Daily Pivot Point R1 1.3103
Daily Pivot Point R2 1.3146
Daily Pivot Point R3 1.3169

 

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