USD/CAD Price Analysis: Retreats from monthly resistance line below 1.3700

USD/CAD pulls back from intraday high to pare daily gains.
Weekly support line holds the key for bear’s entry.
Buyers need validation from November’s peak to keep the reins.

Anil Panchal FXStreet

USD/CAD registers another failure to cross the one-month-old resistance line as it drops to 1.3655 amid the initial hour of Thursday’s European trading session.

The Loonie pair’s latest declines also take clues from the impending bear cross on the MACD, as well as RSI (14) pullback from the overbought territory.

Although the intraday bears are having an upper hand by the press time, an upward-sloping support line from Monday, close to 1.3650, restricts the USD/CAD pair’s immediate downside.

Following that, a southward trajectory towards the 200-Simple Moving Average (SMA) level surrounding 1.3480 can’t be ruled out.

However, a three-week-old ascending trend line near 1.3420 appears crucial for the USD/CAD seller’s further dominance as a break of which won’t hesitate to poke the previous monthly low of 1.3226.

Alternatively, an upside clearance of the monthly resistance line near 1.3685 will need validation from the 1.3700 threshold and November’s peak of 1.3808 to convince the USD/CAD bulls.

In that case, the 1.3855-60 and the 1.3900 level could also probe the Loonie pair’s further upside before highlighting the 1.4000 psychological magnet.

USD/CAD: Four-hour chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	1.3662
Today Daily Change	0.0011
Today Daily Change %	0.08%
Today daily open	1.3651

Trends
Daily SMA20	1.3422
Daily SMA50	1.3571
Daily SMA100	1.3316
Daily SMA200	1.3044

Levels
Previous Daily High	1.37
Previous Daily Low	1.3589
Previous Weekly High	1.3646
Previous Weekly Low	1.3381
Previous Monthly High	1.3808
Previous Monthly Low	1.3226
Daily Fibonacci 38.2%	1.3632
Daily Fibonacci 61.8%	1.3658
Daily Pivot Point S1	1.3593
Daily Pivot Point S2	1.3536
Daily Pivot Point S3	1.3483
Daily Pivot Point R1	1.3704
Daily Pivot Point R2	1.3758
Daily Pivot Point R3	1.3815

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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