USD/CAD Price Analysis: Still pointing to the downside despite rising to 1.3165

Loonie hits daily lows versus the dollar but remains under control.
USD/CAD holds a bearish bias despite rising for two consecutive days.

Matías Salord FXStreet

The USD/CAD is rising for the second day in a row but is still trading sharply lower compared to the level it had a week ago and still the bias points to the downside.

The decline from levels near 1.3440 found support so far at the 1.3100 area. A break lower would likely trigger more losses. The next key support stands at 1.3030 that protects the 1.3000 area. The 1.30 is not only a round number but also a long term support.

On the upside, if the dollar manages to break and hold above 1.3150, it could alleviate the bearish pressure. The next resistance is seen at 1.3200/05, followed by 1.3265, a horizontal level and the 20-day moving average.

On a wider perspective, the negative bias will persist as long as USD/CAD trades below the downtrend from May at 1.3350.

USD/CAD daily chart

USD/CAD

Overview
Today last price	1.3159
Today Daily Change	0.0020
Today Daily Change %	0.15
Today daily open	1.3139

Trends
Daily SMA20	1.3269
Daily SMA50	1.322
Daily SMA100	1.3377
Daily SMA200	1.3537

Levels
Previous Daily High	1.3147
Previous Daily Low	1.3099
Previous Weekly High	1.3341
Previous Weekly Low	1.311
Previous Monthly High	1.3421
Previous Monthly Low	1.2994
Daily Fibonacci 38.2%	1.3129
Daily Fibonacci 61.8%	1.3118
Daily Pivot Point S1	1.311
Daily Pivot Point S2	1.3081
Daily Pivot Point S3	1.3062
Daily Pivot Point R1	1.3158
Daily Pivot Point R2	1.3176
Daily Pivot Point R3	1.3206

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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