USD/CAD Price Analysis: Refreshes 12-day low, eyes near three-month-old support line


  • USD/CAD wavers inside less than 10-pip trading range near the 1.3000 threshold.
  • RSI has a gap before reaching the oversold territory, suggesting further weakness.
  • 21-day SMA offers immediate resistance ahead of mid-month high.

USD/CAD drops to 1.2997, down 0.05% intraday, during Wednesday’s Asian session. Following its drop to November 09 low before a few hours, the quote has been wobbling between 1.2994 and 1.2999. Even so, a sustained trading below 21-day SMA and an absence of oversold RSI conditions favor the bears.

As a result, a descending trend line from September 01, at 1.2911 now, gains the USD/CAD bears’ attention off-late. Though, the monthly low near 1.2930 can offer an intermediate halt during the downside.

In a case where the USD/CAD sellers chose to ignore RSI conditions during their reign past-1.2911, the October 2018 low near 1.2780 will gain the market’s attention.

Alternatively, 1.3030 and 21-day SMA around 1.3120 offer immediate resistance during the USD/CAD bounce.

However, November 13 high close to 1.3172 and the 1.3200 round-figure could challenge the recovery moves ahead of directing the USD/CAD buyers toward the monthly top around 1.3370.

USD/CAD daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 1.2997
Today Daily Change -3 pips
Today Daily Change % -0.02%
Today daily open 1.3
 
Trends
Daily SMA20 1.3124
Daily SMA50 1.319
Daily SMA100 1.3246
Daily SMA200 1.3532
 
Levels
Previous Daily High 1.3091
Previous Daily Low 1.3
Previous Weekly High 1.3142
Previous Weekly Low 1.3034
Previous Monthly High 1.339
Previous Monthly Low 1.3081
Daily Fibonacci 38.2% 1.3035
Daily Fibonacci 61.8% 1.3056
Daily Pivot Point S1 1.297
Daily Pivot Point S2 1.294
Daily Pivot Point S3 1.2879
Daily Pivot Point R1 1.3061
Daily Pivot Point R2 1.3121
Daily Pivot Point R3 1.3152

 

 

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