USD/CAD Price Analysis: Sellers attack 13-day-old support near 1.2550

USD/CAD consolidates weekly losses inside the key SMA envelope but stays depressed.
RSI conditions favor bearish momentum towards early month top.
Tuesday’s swing low adds to the upside filters.

Anil Panchal FXStreet

USD/CAD keeps pullback from 50-SMA around 1.2560 during a lackluster Friday morning in Asia. In doing so, the major currency pair remains between the 50-SMA and 100-SMA as bears battle an upward sloping trend line from July 06.

As the RSI line holds lower ground, the latest weakness in prices may prevail for a bit longer.

However, a clear downside break of the nearby support line and 100-SMA, respectively around 1.2550 and 1.2515, becomes necessary for the USD/CAD sellers.

Following that, the July-start swing high near 1.2450 will be on the bears’ radars.

Meanwhile, the mid-month peak close to 1.2615 will challenge the upside break of 50-SMA, near 1.2600.

Also acting as a barrier to the north is Tuesday’s bottom close to 1.2675 and Wednesday’s top of 1.2730, a sustained break of which could refresh the monthly high of 1.2807.

USD/CAD: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.2563
Today Daily Change	0.0000
Today Daily Change %	0.00%
Today daily open	1.2563

Trends
Daily SMA20	1.2484
Daily SMA50	1.2284
Daily SMA100	1.2373
Daily SMA200	1.2617

Levels
Previous Daily High	1.2595
Previous Daily Low	1.2529
Previous Weekly High	1.2621
Previous Weekly Low	1.2427
Previous Monthly High	1.2487
Previous Monthly Low	1.2007
Daily Fibonacci 38.2%	1.257
Daily Fibonacci 61.8%	1.2554
Daily Pivot Point S1	1.253
Daily Pivot Point S2	1.2497
Daily Pivot Point S3	1.2464
Daily Pivot Point R1	1.2595
Daily Pivot Point R2	1.2628
Daily Pivot Point R3	1.2661

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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