USD/CAD Price Analysis: Prints mild losses around 1.2650 on immediate support break

USD/CAD markets heaviest losses in one week, fades bounce off intraday low.
Bearish MACD, sustained break of three-day-old support line directs bears toward 200-HMA.
Descending trend line from Friday adds to the upside barriers.

Anil Panchal FXStreet

USD/CAD remains depressed near 1.2650, down 0.21% intraday, after breaking an upward sloping trend line from the last Thursday during early Tuesday’s Asian session.

Although the bearish MACD cooperates with the trend line breakdown to keep the sellers hopeful, the 200-HMA level of 1.2638 seems to probe the pair’s further downside.

Should the USD/CAD bears take clues from the recent US dollar weakness, in contrast to the WTI strength, the quote may not only have to break the 1.2600 threshold but also refresh the monthly low of 1.2575 before revisiting the multi-month low marked in February around 1.2470.

On the flip side, corrective pullback beyond the previous support line, at 1.2665 now, may fizzle to cross a short-term resistance line near 1.2680, which if crossed will eye the monthly peak surrounding 1.2740.

Overall, USD/CAD stays bearish while the latest breakdown of the support line adds favor to the sellers.

USD/CAD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.265
Today Daily Change	-26 pips
Today Daily Change %	-0.21%
Today daily open	1.2676

Trends
Daily SMA20	1.2655
Daily SMA50	1.2706
Daily SMA100	1.285
Daily SMA200	1.3103

Levels
Previous Daily High	1.27
Previous Daily Low	1.2623
Previous Weekly High	1.274
Previous Weekly Low	1.2575
Previous Monthly High	1.287
Previous Monthly Low	1.2468
Daily Fibonacci 38.2%	1.2671
Daily Fibonacci 61.8%	1.2653
Daily Pivot Point S1	1.2633
Daily Pivot Point S2	1.2589
Daily Pivot Point S3	1.2555
Daily Pivot Point R1	1.271
Daily Pivot Point R2	1.2744
Daily Pivot Point R3	1.2787

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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