- 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.
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
Additional important levels
|Today last price||1.3579|
|Today Daily Change||4 pips|
|Today Daily Change %||0.03%|
|Today daily open||1.3575|
|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|
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