USD/CAD Price Analysis: Reverses from 100-day EMA to stay below 1.3700

USD/CAD defies a four-day winning streak while easing from 1.3700.
21-day EMA, a 13-day-old support line on the bear’s radars.
Bulls will have to cross May 29 top, April month bottom to justify the momentum strength.

Anil Panchal FXStreet

USD/CAD declines to 1.3660, down 0.20% on a day, during the Asian session on Monday. In doing so, the loonie pair justifies the early day’s U-turn from 100-day EMA. As a result, sellers may keep eyes on 21-day EMA as immediate support during the further fall.

Other than the 1.3630 support, comprising the short-term EMA, an ascending trend line from June 10, currently around 1.3560, could also lure the bears in a case of additional weakness.

If at all the bears keep the helm past-1.3560, June 09 high near 1.3488 and the monthly bottom close to 1.3315 might return to the charts.

On the upside, a successful rise beyond the 100-day EMA level of 1.3700 will propel the quote towards May 29 high around 1.3830.

Though, April month low near 1.3930 and 1.4000 psychological magnet might question the bulls afterward.

USD/CAD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.3662
Today Daily Change	-25 pips
Today Daily Change %	-0.18%
Today daily open	1.3687

Trends
Daily SMA20	1.3544
Daily SMA50	1.3817
Daily SMA100	1.3796
Daily SMA200	1.3488

Levels
Previous Daily High	1.3716
Previous Daily Low	1.3628
Previous Weekly High	1.3716
Previous Weekly Low	1.3486
Previous Monthly High	1.4173
Previous Monthly Low	1.3715
Daily Fibonacci 38.2%	1.3682
Daily Fibonacci 61.8%	1.3662
Daily Pivot Point S1	1.3638
Daily Pivot Point S2	1.3589
Daily Pivot Point S3	1.355
Daily Pivot Point R1	1.3726
Daily Pivot Point R2	1.3765
Daily Pivot Point R3	1.3814

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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