- 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.
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
|Today last price||1.2563|
|Today Daily Change||0.0000|
|Today Daily Change %||0.00%|
|Today daily open||1.2563|
|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|
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