USD/CAD Price Analysis: Remains pressured towards 1.2500

USD/CAD extends pullback from 200-DMA, fades bounce off one-week low.
Descending momentum line, failures to rebound direct bears to the key support line.
March-April tops add to the upside filters before the monthly top.

Anil Panchal FXStreet

USD/CAD stays depressed near 1.2540, down 0.08% intraday, amid the initial Asian session trading on Tuesday. The Loonie pair refreshed one week low the previous day while stretching the previous day’s U-turn from 200-DMA.

With the downward sloping Momentum line favoring USD/CAD weakness below the key moving average, sellers are on their way to an ascending support line from early June, around 1.2490.

However, any further downside past 1.2490 will need validation from the last month’s top surrounding 1.2485, a break of which should direct the pair sellers toward May’s high near 1.2350.

Meanwhile, the pair’s short-term recovery moves remain capped by a 200-DMA level of 1.2607.

Even if the USD/CAD bulls manage to cross the key DMA hurdle, highs marked during March and April, around 1.2650-55, will be crucial to watch before targeting the monthly peak of 1.2807.

USD/CAD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.2543
Today Daily Change	-0.0019
Today Daily Change %	-0.15%
Today daily open	1.2562

Trends
Daily SMA20	1.2497
Daily SMA50	1.2293
Daily SMA100	1.2372
Daily SMA200	1.2614

Levels
Previous Daily High	1.2607
Previous Daily Low	1.2556
Previous Weekly High	1.2808
Previous Weekly Low	1.2526
Previous Monthly High	1.2487
Previous Monthly Low	1.2007
Daily Fibonacci 38.2%	1.2575
Daily Fibonacci 61.8%	1.2588
Daily Pivot Point S1	1.2543
Daily Pivot Point S2	1.2523
Daily Pivot Point S3	1.2491
Daily Pivot Point R1	1.2595
Daily Pivot Point R2	1.2627
Daily Pivot Point R3	1.2646

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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