USD/CAD Price Analysis: Snaps three-day downtrend to keep 1.3000

USD/CAD bounces off a horizontal area comprising multiple lows marked since September.
A confluence of 10-day SMA, monthly resistance line guards immediate upside.
Break of September low becomes necessary for the fresh downside.

Anil Panchal FXStreet

USD/CAD consolidates the weekly losses while regaining the 1.3000 threshold early on Thursday. The pair dropped to the lowest in two weeks the previous day, before bouncing off 1.2986.

As a result, the region between 1.2985 and 1.3000, including lows marked since September 01, except for the current month’s downtick, becomes the key support to watch for USD/CAD traders.

Considering the pair’s latest pullback moves, November 17 low near 1.3035 appears as an immediate target for the USD/CAD buyers. However, a joint of short-term SMA and a descending trend line from November 02, near 1.3060/65 becomes the key resistance to watch afterward.

Meanwhile, bearish MACD and the pair’s trading below important resistance confluence keep the USD/CAD sellers hopeful.

Hence, a downside break of 1.2985 is what they’re targeting before looking at the monthly bottom around 1.2930.

USD/CAD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.3005
Today Daily Change	9 pips
Today Daily Change %	0.07%
Today daily open	1.2996

Trends
Daily SMA20	1.3107
Daily SMA50	1.3187
Daily SMA100	1.3241
Daily SMA200	1.3531

Levels
Previous Daily High	1.3029
Previous Daily Low	1.2986
Previous Weekly High	1.3142
Previous Weekly Low	1.3034
Previous Monthly High	1.339
Previous Monthly Low	1.3081
Daily Fibonacci 38.2%	1.3003
Daily Fibonacci 61.8%	1.3013
Daily Pivot Point S1	1.2979
Daily Pivot Point S2	1.2961
Daily Pivot Point S3	1.2936
Daily Pivot Point R1	1.3022
Daily Pivot Point R2	1.3047
Daily Pivot Point R3	1.3064

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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