USD/CAD Price Analysis: Positive beyond 200-day SMA, 50% Fibonacci

USD/CAD pierces an eight-week-old falling resistance line.
61.8% Fibonacci retracement adds to the upside barriers.
100-day SMA could lure sellers during the pullback.

Anil Panchal FXStreet

USD/CAD trades modestly positive around 1.3245 ahead of the European session on Monday. In doing so, the quote seesaws near the strongest in 2020 while also challenges a downward sloping trend line since May 31, 2019. However, RSI conditions are nearly overbought.

As a result, the bulls will wait for entry on the daily closing beyond the 1.3245 resistance line. With that, 61.8% Fibonacci retracement of the pair’s declines from May 2019 to January 2020, at 1.3315, will be on the buyer’s radar.

In a case, the USD/CAD prices fail to close beyond 1.3245 on a daily closing basis, sellers will not cheer the performance as 200-day SMA and 50% Fibonacci retracement, near 1.3230, challenges the bears.

On the break of 1.3230, a 100-day SMA level of 1.3178 and 38.2% Fibonacci retracement near 1.3150 could please the sellers.

USD/CAD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.3243
Today Daily Change	7 pips
Today Daily Change %	0.05%
Today daily open	1.3236

Trends
Daily SMA20	1.3097
Daily SMA50	1.314
Daily SMA100	1.3178
Daily SMA200	1.3228

Levels
Previous Daily High	1.3255
Previous Daily Low	1.319
Previous Weekly High	1.3255
Previous Weekly Low	1.3148
Previous Monthly High	1.3255
Previous Monthly Low	1.29
Daily Fibonacci 38.2%	1.323
Daily Fibonacci 61.8%	1.3215
Daily Pivot Point S1	1.3199
Daily Pivot Point S2	1.3162
Daily Pivot Point S3	1.3134
Daily Pivot Point R1	1.3264
Daily Pivot Point R2	1.3292
Daily Pivot Point R3	1.3329

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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