USD/CAD Price Analysis: Sellers aim for 1.3500 on the break below 21-day SMA

USD/CAD seesaws near 23.6% Fibonacci retracement of April-June downside.
The sustained break of 21-day SMA, lower high formation since last four days keep sellers hopeful.
200-day SMA will take support from MACD conditions to challenge the bears.

Anil Panchal FXStreet

USD/CAD takes rounds to 1.3540/35 amid the initial Asian session on Tuesday. The pair carried Friday’s closing under 21-day SMA on Monday. This pushes the quote to portray a four-day losing streak by the press time.

As a result, the sellers are targeting a 200-day SMA level around 1.3500 as immediate support. However, the pair’s further downside becomes less anticipated amid bullish MACD.

Should the bears ignore MACD while keeping the helm below 1.3500, 1.3440/35 might offer an intermediate halt during the quote’s fall towards June month’s bottom near 1.3315.

On the contrary, an upside clearance of 21-day SMA, at 1.3571 now, will trigger a fresh recovery move targeting the June 26 top close to 1.3715. However, 1.3630 can act as an intermediate halt during the rise.

USD/CAD daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.3538
Today Daily Change	-10 pips
Today Daily Change %	-0.07%
Today daily open	1.3548

Trends
Daily SMA20	1.3565
Daily SMA50	1.3762
Daily SMA100	1.3811
Daily SMA200	1.3496

Levels
Previous Daily High	1.3582
Previous Daily Low	1.3545
Previous Weekly High	1.3705
Previous Weekly Low	1.3545
Previous Monthly High	1.3802
Previous Monthly Low	1.3316
Daily Fibonacci 38.2%	1.3559
Daily Fibonacci 61.8%	1.3568
Daily Pivot Point S1	1.3535
Daily Pivot Point S2	1.3522
Daily Pivot Point S3	1.3498
Daily Pivot Point R1	1.3572
Daily Pivot Point R2	1.3595
Daily Pivot Point R3	1.3609

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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