USD/CAD Price Analysis: Stays pressured towards three-week-old support near 1.3500

USD/CAD takes offers to reverse the previous day’s bounce off monthly low.
RSI, MACD suggests further downside past immediate horizontal support.
50-DMA, two-month-old ascending trend line lures bears, fortnight-long resistance line, 21-DMA test buyers.

Anil Panchal FXStreet

USD/CAD appears all-set to print a two-week downtrend as sellers approach a short-term key horizontal support during early Friday morning in Europe. In doing so, the Loonie pair slides to 1.3530 as it fades Thursday’s recovery from the lowest levels in a month.

Not only the inability to rebound from the three-week-old region surrounding 1.3500, but the bearish MACD signals and the RSI (14) also keep the sellers hopeful of breaking the nearby support zone.

Following that, a downward trajectory towards the 50-DMA level near 1.3430 and then to the upward-sloping support line from early August, at 1.3280 by the press time, will lure the USD/CAD bears.

In a case where the pair sellers dominate past 1.3280, the early September top near 1.3210 will precede the 1.3200 round figure to restrict the quote’s further downside.

On the flip side, recovery remains elusive below a two-week-old descending resistance line, close to 1.3660 by the press time.

It’s worth noting that the USD/CAD upside past 1.3660 will be challenged by the 21-DMA hurdle of 1.3700, a break of which could convince bulls to attack multiple resistance levels near 1.3840 and the monthly high near 1.3980.

USD/CAD: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	1.3536
Today Daily Change	-0.0029
Today Daily Change %	-0.21%
Today daily open	1.3565

Trends
Daily SMA20	1.3708
Daily SMA50	1.3418
Daily SMA100	1.3163
Daily SMA200	1.2933

Levels
Previous Daily High	1.3627
Previous Daily Low	1.3496
Previous Weekly High	1.3885
Previous Weekly Low	1.363
Previous Monthly High	1.3838
Previous Monthly Low	1.2954
Daily Fibonacci 38.2%	1.3577
Daily Fibonacci 61.8%	1.3546
Daily Pivot Point S1	1.3498
Daily Pivot Point S2	1.3432
Daily Pivot Point S3	1.3368
Daily Pivot Point R1	1.3629
Daily Pivot Point R2	1.3693
Daily Pivot Point R3	1.376

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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