USD/CAD Price Analysis: Stays pressured below 50-SMA


  • USD/CAD holds lower ground after reversing from the key SMA.
  • Easing bullish bias of MACD and failures to cross immediate hurdles keep bears hopeful.

USD/CAD remains depressed around 1.2300, down 0.08% intraday, amid Wednesday’s Asian session. The loonie pair jumped to the highest in four days the previous day before reversing from 50-SMA.

The pullback moves join recently easing MACD strength in favor of the bulls as well as sustained trading below important resistances to back the USD/CAD sellers.

As a result, the latest weakness could eye for the multi-month low marked in April around 1.2265.

However, any further moves will have to conquer the 2018 bottom surrounding 1.2250-45 before testing the late 2017 lows close to 1.2065-70.

Alternatively, the 50-SMA level of 1.2356 becomes the nearby hurdle for the USD/CAD buyers to tackle ahead of March lows around 1.2365.

Also likely to challenge the pair’s recovery moves are the 1.2420 and 1.2465 levels to the north.

USD/CAD four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price 1.2302
Today Daily Change 21 pips
Today Daily Change % 0.17%
Today daily open 1.2281
 
Trends
Daily SMA20 1.2476
Daily SMA50 1.2535
Daily SMA100 1.2638
Daily SMA200 1.2897
 
Levels
Previous Daily High 1.2319
Previous Daily Low 1.2267
Previous Weekly High 1.2491
Previous Weekly Low 1.2266
Previous Monthly High 1.2654
Previous Monthly Low 1.2266
Daily Fibonacci 38.2% 1.2287
Daily Fibonacci 61.8% 1.2299
Daily Pivot Point S1 1.2259
Daily Pivot Point S2 1.2237
Daily Pivot Point S3 1.2207
Daily Pivot Point R1 1.2311
Daily Pivot Point R2 1.2341
Daily Pivot Point R3 1.2363

 

 

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