• USD/CAD remains on the back foot around the lowest levels in three weeks.
  • Break of monthly support, descending RSI keeps sellers hopeful.
  • Bulls need to cross 21-DMA to retake control, 100/50-DMAs lure bears.

USD/CAD takes offers to refresh intraday low, also the lowest level in three weeks, as bears cheer a clear downside break of the monthly support. That said, the Loonie pair stays depressed at around 1.2750 by the press time of early Friday morning in Europe.

An absence of oversold RSI joins the aforementioned trend line breakdown to favor sellers targeting a convergence of the 100-DMA and the 50-DMA, near 1.2700-2690.

However, the USD/CAD weakness past 1.2690 appears difficult, which if taken place could direct the quote towards an upward sloping support line from April 05, close to 1.2585.

Meanwhile, the support-turned-resistance line from late April, near 1.2785, restricts the USD/CAD pair’s recovery moves.

Following that, a two-week-old resistance line and the 21-DMA, respectively around 1.2840 and 1.2865, will challenge the buyers.

Overall, USD/CAD bears are all set to refresh the monthly low but the key moving averages may restrict further declines.

USD/CAD: Daily chart

Trend: Further downside expected

Additional important levels

Today last price 1.275
Today Daily Change -0.0024
Today Daily Change % -0.19%
Today daily open 1.2774
Daily SMA20 1.2871
Daily SMA50 1.2704
Daily SMA100 1.2696
Daily SMA200 1.2663
Previous Daily High 1.2849
Previous Daily Low 1.2769
Previous Weekly High 1.2982
Previous Weekly Low 1.2776
Previous Monthly High 1.288
Previous Monthly Low 1.2403
Daily Fibonacci 38.2% 1.2799
Daily Fibonacci 61.8% 1.2818
Daily Pivot Point S1 1.2745
Daily Pivot Point S2 1.2717
Daily Pivot Point S3 1.2665
Daily Pivot Point R1 1.2825
Daily Pivot Point R2 1.2877
Daily Pivot Point R3 1.2906



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

EUR/USD jumps towards 1.0600 as USD wilts amid risk rebound

EUR/USD jumps towards 1.0600 as USD wilts amid risk rebound

EUR/USD is trading back above 1.0550, resuming its recovery towards 1.0600 in the European session this Wednesday. The US dollar is falling as the risk rebound extends, despite looming recession fears. ECB Forum, US Durable Goods and Fedspeak eyed. 


GBP/USD extends gains above 1.2300 amid weaker USD, Brexit news

GBP/USD extends gains above 1.2300 amid weaker USD, Brexit news

GBP/USD is extending the advance above 1.2300 in European trading, The risk-on mood dents the US dollar's safe-haven appeal while the UK presses on with changes to the Brexit deal despite EU opposition. Key US data awaited. 


Gold bulls aim for $1,850 on Russia news, softer USD

Gold bulls aim for $1,850 on Russia news, softer USD

Gold Price extends Friday’s recovery to $1,836 ahead of Monday’s European session. The precious metal’s upside moves could be linked to the softer US dollar, as well as chatters surrounding a ban on gold imports from Russia.

Gold News

What’s next after cryptos meet stiff resistance

What’s next after cryptos meet stiff resistance

Bitcoin price has shown incredible resilience after its massive crash in the second week of June. Since then BTC has produced considerable gains over the past week and the start of a new week brings the promise of even higher returns.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!