USD/CAD Price Analysis: Pullback from three-week top eyes 1.2700 retest

USD/CAD snaps three-day uptrend, refreshes intraday low amid sluggish session.
Failures to cross two-month-old horizontal hurdle battles bullish MACD above 50-DMA to keep buyers hopeful.
50-% Fibonacci retracement, 200-DMA act as strong supports, multiple tops marked during late 2021 guard immediate upside.

Anil Panchal FXStreet

USD/CAD consolidates recent losses around 1.2735, down 0.30% intraday while reversing from a three-week high on early Monday morning in Europe.

In doing so, the Loonie pair takes a U-turn from a two-month-old horizontal area around 1.2780-85 but bullish MACD signals keep sellers unconvinced around the 50-DMA level of 1.2715.

Even if the USD/CAD bears manage to conquer the 1.2715 level, 50% Fibonacci retracement (Fibo.) of October-December advances, near 1.2630, will be in focus as a break of which will direct the pair towards the 200-DMA level of 1.2507.

On the contrary, a clear upside break of 1.2785 immediate hurdle will need validation from the monthly high of 1.2813 to recall the USD/CAD bulls.

Following that, multiple tops marked during late 2021 around 1.2850 and 1.2900 will challenge the pair buyers before directing them to the year 2021 peak of 1.2964.

Overall, USD/CAD bulls take a breather amid a sluggish start to the crucial week.

USD/CAD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.2737
Today Daily Change	-0.0036
Today Daily Change %	-0.28%
Today daily open	1.2773

Trends
Daily SMA20	1.2626
Daily SMA50	1.2715
Daily SMA100	1.2624
Daily SMA200	1.2506

Levels
Previous Daily High	1.2797
Previous Daily Low	1.2713
Previous Weekly High	1.2797
Previous Weekly Low	1.2554
Previous Monthly High	1.2964
Previous Monthly Low	1.2608
Daily Fibonacci 38.2%	1.2765
Daily Fibonacci 61.8%	1.2745
Daily Pivot Point S1	1.2725
Daily Pivot Point S2	1.2677
Daily Pivot Point S3	1.2641
Daily Pivot Point R1	1.2809
Daily Pivot Point R2	1.2845
Daily Pivot Point R3	1.2893

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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