USD/CAD Price Analysis: Stays below 1.3600 to confirm rising wedge on 4-hour chart

USD/CAD trades near one-week low after confirming a bearish chart pattern.
MACD conditions, U-turn from 200-bar SMA also favor the sellers.
A three-week-old resistance line will follow, the formation support and key SMA to challenge the buyers.

Anil Panchal FXStreet

USD/CAD takes rounds to 1.3570/80 since the start of Wednesday’s Asian session. In doing so, the quote remains around the lowest levels since June 24 after confirming a bearish chart formation called a rising wedge. Other than the chart patterns, the bearish signals by the MACD and the pair’s pullback from 200-bar SMA also suggest further downside of the USD/CAD prices.

As a result, sellers may aim for 1.3500 as immediate support during the further declines. However, 1.3490/85 area comprising June 09 top and June 23 low could offer breathing space to the pessimists.

Given the pair’s extended fall past-1.3485, the previous month’s bottom close to 1.3315 could return to the chart.

Alternatively, the quote’s bounce back beyond the 1.3590 support-turned-resistance may target 1.3650 and 200-bar SMA level of 1.3665.

However, the stated bearish formation’s upper-line around 1.3720 could question further recoveries.

USD/CAD four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.3579
Today Daily Change	4 pips
Today Daily Change %	0.03%
Today daily open	1.3575

Trends
Daily SMA20	1.3551
Daily SMA50	1.3795
Daily SMA100	1.3802
Daily SMA200	1.3491

Levels
Previous Daily High	1.37
Previous Daily Low	1.357
Previous Weekly High	1.3716
Previous Weekly Low	1.3486
Previous Monthly High	1.3802
Previous Monthly Low	1.3316
Daily Fibonacci 38.2%	1.362
Daily Fibonacci 61.8%	1.365
Daily Pivot Point S1	1.3531
Daily Pivot Point S2	1.3486
Daily Pivot Point S3	1.3401
Daily Pivot Point R1	1.366
Daily Pivot Point R2	1.3744
Daily Pivot Point R3	1.3789

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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