USD/CAD Price Analysis: Sellers can ignore pullback from 1.3100

USD/CAD bounces off the fresh low since late-January 2020.
A two-day-old falling trend channel, 200-bar SMA question the recovery moves.
Weekly support line adds to the downside filter ahead of 1.3050/45 area.

Anil Panchal FXStreet

USD/CAD picks up bids near 1.3130 during the early Asian session on Friday. The loonie pair refreshed seven-month low the previous day before taking a U-turn from 1.3101.

Even so, a short-term descending channel and the pair’s sustained trading below the key 200-bar SMA keeps the sellers hopeful.

As a result, any upside below 1.3175 level, comprising 200-bar SMA, becomes ephemeral to be considered. Though, the pair’s break of the channel’s resistance, at 1.3150 now, can offer mild push to the north.

If at all the pair manages to cross 1.3175, multiple resistances around 1.3240/45 have been restricting the rise since August 20.

Meanwhile, a downward sloping trend line from August 24, at 1.3100 can offer immediate support to the pair ahead of the channel’s support near 1.3090.

Given the bears’ power-play below 1.3090, the 1.3050/45 region including lows marked during late-January 2020 will be the key.

USD/CAD 30-minute chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.3125
Today Daily Change	-19 pips
Today Daily Change %	-0.14%
Today daily open	1.3144

Trends
Daily SMA20	1.3269
Daily SMA50	1.3432
Daily SMA100	1.3651
Daily SMA200	1.353

Levels
Previous Daily High	1.3205
Previous Daily Low	1.3132
Previous Weekly High	1.3265
Previous Weekly Low	1.3133
Previous Monthly High	1.3646
Previous Monthly Low	1.3331
Daily Fibonacci 38.2%	1.316
Daily Fibonacci 61.8%	1.3177
Daily Pivot Point S1	1.3116
Daily Pivot Point S2	1.3088
Daily Pivot Point S3	1.3043
Daily Pivot Point R1	1.3189
Daily Pivot Point R2	1.3234
Daily Pivot Point R3	1.3262

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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