USD/CAD Price Analysis: Seesaws between 61.8% Fibonacci retracement, 100-day EMA

USD/CAD steps back from 100-day EMA, still positive on a day above the weekly low of 1.3728.
200-day EMA offers additional support below 61.8% Fibonacci retracement.
May 19 low, 50% Fibonacci retracement can challenge the buyers.

Anil Panchal FXStreet

USD/CAD drops from the intraday high of 1.3785 to 1.3773 amid the initial hour of Tokyo trading on Friday. In doing so, the pair retreats from 100-day EMA but stays above 61.8% Fibonacci retracement level of February-March upside.

Even so, the bearish MACD and a failure to carry the bounce off 1.3728 favors the sellers.

As a result, odds of the pair’s drop to a 200-day EMA level of 1.3585 become brighter if it breaks the immediate supports surrounding 1.3765 and 1.3730.

On the contrary, an upside clearance of a 100-day EMA level of 1.3780 might not help the bulls regain the throne as May 19 low near 1.3865/70 and 50% Fibonacci retracement level of 1.3940 stand all as near-term key resistances.

USD/CAD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.3774
Today Daily Change	11 pips
Today Daily Change %	0.08%
Today daily open	1.3763

Trends
Daily SMA20	1.3982
Daily SMA50	1.405
Daily SMA100	1.3712
Daily SMA200	1.3456

Levels
Previous Daily High	1.379
Previous Daily Low	1.3734
Previous Weekly High	1.4114
Previous Weekly Low	1.3867
Previous Monthly High	1.4299
Previous Monthly Low	1.385
Daily Fibonacci 38.2%	1.3769
Daily Fibonacci 61.8%	1.3755
Daily Pivot Point S1	1.3735
Daily Pivot Point S2	1.3707
Daily Pivot Point S3	1.3679
Daily Pivot Point R1	1.3791
Daily Pivot Point R2	1.3818
Daily Pivot Point R3	1.3846

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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