USD/CAD Price Analysis: Snaps four-day uptrend near 1.3600 inside monthly triangle

USD/CAD bounces off intraday low to pare the first daily loss in five.
Bullish chart formation keeps buyers hopeful but 200-SMA adds strength to the 1.3655-60 hurdle.
Bears have a bumpy road to the south unless breaking 1.3495 level.

Anil Panchal FXStreet

USD/CAD remains mildly offered around 1.3605 ahead of Wednesday’s European session, posting the first daily loss in five at the latest.

The Loonie pair’s weakness could be linked to its retreat from the 1.3655-60 resistance confluence comprising the 200-SMA and a downward-sloping trend line from October 13.

The pullback moves, however, lack acceptance amid steady RSI, which in turn challenges the pair sellers.

Even so, the one-week-old ascending support line, near 1.3540 by the press time, precedes the aforementioned triangle’s bottom, near 1.3495, to welcome the USD/CAD bears.

Should the quote remains weak past 1.3495, the bullish chart formation gets defied, which in turn directs the USD/CAD pair towards the 61.8% Fibonacci retracement level of September-October upside, near 1.3340.

Alternatively, recovery remains elusive unless the quote stays below the 1.3655-60 resistance confluence.

Following that, multiple levels around 1.3700 and 1.3850 could challenge the USD/CAD buyers before directing them to the previous monthly high near 1.3980.

It should be noted that the RSI is approaching the overbought territory and can poke bulls around 1.3980, if not then the 1.4000 threshold could act as an extra filter to the north.

USD/CAD: Four-hour chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	1.3603
Today Daily Change	-0.0028
Today Daily Change %	-0.21%
Today daily open	1.3631

Trends
Daily SMA20	1.3702
Daily SMA50	1.3455
Daily SMA100	1.3185
Daily SMA200	1.2948

Levels
Previous Daily High	1.3669
Previous Daily Low	1.353
Previous Weekly High	1.3774
Previous Weekly Low	1.3496
Previous Monthly High	1.3978
Previous Monthly Low	1.3496
Daily Fibonacci 38.2%	1.3616
Daily Fibonacci 61.8%	1.3583
Daily Pivot Point S1	1.3551
Daily Pivot Point S2	1.3471
Daily Pivot Point S3	1.3413
Daily Pivot Point R1	1.369
Daily Pivot Point R2	1.3749
Daily Pivot Point R3	1.3828

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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