USD/CAD Price Analysis: Stays pressured towards 1.3690 support

USD/CAD fades bounce off three-week-old support line, grinds lower of late.
Receding bullish bias of MACD, descending RSI line lure sellers.
100, 200 EMAs act as additional downside filters.
Weekly descending trend line holds the key to Loonie pair’s run-up towards refreshing 2023 top.

Anil Panchal FXStreet

USD/CAD holds lower ground near 1.3750 as it pares the biggest daily gains in a week during early Thursday morning in Europe. In doing so, the Loonie pair fades the previous day’s bounce off a three-week-old ascending support line while printing mild losses of late.

Apart from failing to rebound from the short-term key support, the receding bullish bias of the MACD signals and the RSI (14) line’s downward move, not oversold, also keeps the USD/CAD bears hopeful of poking the 1.3690 level, comprising the aforementioned trend.

It’s worth noting, however, that the 100-bar and 200-bar Exponential Moving Averages (EMAs), respectively near 1.3660 and 1.3585, could challenge the USD/CAD bears afterward.

Also acting as a downside filter is the 50% Fibonacci retracement level of the pair’s February-March upside, near 1.3565.

On the flip side, a downward-sloping resistance line from March 10, close to 1.3810 at the latest, appears crucial for the USD/CAD buyers to watch during the pair’s further upside as a clear break of which could quickly refresh the year 2023 peak, currently around 1.3860.

In that case, October 2022 peak surrounding 1.3980 and the 1.4000 psychological magnet will gain major attention.

USD/CAD: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	1.3745
Today Daily Change	-0.0022
Today Daily Change %	-0.16%
Today daily open	1.3767

Trends
Daily SMA20	1.3632
Daily SMA50	1.3489
Daily SMA100	1.3507
Daily SMA200	1.333

Levels
Previous Daily High	1.3814
Previous Daily Low	1.366
Previous Weekly High	1.3862
Previous Weekly Low	1.3582
Previous Monthly High	1.3666
Previous Monthly Low	1.3262
Daily Fibonacci 38.2%	1.3756
Daily Fibonacci 61.8%	1.3719
Daily Pivot Point S1	1.368
Daily Pivot Point S2	1.3593
Daily Pivot Point S3	1.3526
Daily Pivot Point R1	1.3835
Daily Pivot Point R2	1.3902
Daily Pivot Point R3	1.3989

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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