- USD/CAD fades bounce off intraday low, keeps pullback from 11-week low.
- Retreat of Momentum line, failures to cross key hurdle hint at further weakness.
- Horizontal area from August 2021 appears tough nut to crack for bulls.
USD/CAD retreats from intraday high while revisiting 1.2810 levels during Thursday’s Asian session.
The Loonie pair portrayed a U-turn from an upward sloping trend line stretched from early January. In doing so, the quote also reversed from the highest levels since late December 2021. The pullback moves weigh on the Momentum line to hint at the further weakness.
That said, the quote presently eyes the 50-DMA level surrounding 1.2685, a break of which will direct USD/CAD bears to a five-month-long support line near 1.2600.
However, the 200-DMA level of 1.2589 will challenge the pair’s further downside.
Alternatively, recovery moves need to cross the aforementioned resistance line, close to 1.2900 by the press time, to recall the USD/CAD bulls.
Even so, a horizontal area comprising tops marked during the August and December months of 2021, around 1.2950, will challenge the quote’s further advances.
To sum up, USD/CAD is likely to extend the latest pullback but the bears have a bumpy road ahead.
USD/CAD: Daily chart
Trend: Further weakness expected
Additional important levels
|Today last price||1.2812|
|Today Daily Change||0.0001|
|Today Daily Change %||0.01%|
|Today daily open||1.2811|
|Previous Daily High||1.2895|
|Previous Daily Low||1.2804|
|Previous Weekly High||1.281|
|Previous Weekly Low||1.2587|
|Previous Monthly High||1.2878|
|Previous Monthly Low||1.2636|
|Daily Fibonacci 38.2%||1.2838|
|Daily Fibonacci 61.8%||1.286|
|Daily Pivot Point S1||1.2778|
|Daily Pivot Point S2||1.2745|
|Daily Pivot Point S3||1.2687|
|Daily Pivot Point R1||1.2869|
|Daily Pivot Point R2||1.2927|
|Daily Pivot Point R3||1.296|
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