USD/CAD Price Analysis: Struggles to keep the bounce off 21-day SMA

USD/CAD remains mildly offered between 1.3192 and 1.3208.
Bullish MACD, repeated pullbacks from 21-day SMA favor the buyers.
Sellers will have multiple downside barriers before refreshing the monthly low.

Anil Panchal FXStreet

USD/CAD stays heavy around 1.3193 during Monday’s Asian session. In doing so, the loonie pair fails to extend Friday’s gains from the 21-day SMA despite bullish MACD signals.

As a result, sellers are likely to have limited space, until the mentioned level of 1.3146, before stepping backward.

However, a daily close below the immediate SMA can direct USD/CAD sellers towards 1.3100 and 1.3050/45 supports before highlighting the monthly bottom near 1.2995.

On the flip side, the monthly top surrounding 1.3260 can entertain buyers during the fresh rise but a confluence of 50-day SMA and 38.2% Fibonacci retracement of June-September downside, close to 1.3270, may challenge the bulls afterward.

If at all the buyers manage to conquer 1.3270, the July month’s low surrounding 1.3330 will be in the spotlight.

USD/CAD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.3197
Today Daily Change	-8 pips
Today Daily Change %	-0.06%
Today daily open	1.3205

Trends
Daily SMA20	1.3144
Daily SMA50	1.3278
Daily SMA100	1.3499
Daily SMA200	1.352

Levels
Previous Daily High	1.3209
Previous Daily Low	1.3137
Previous Weekly High	1.3247
Previous Weekly Low	1.3128
Previous Monthly High	1.3451
Previous Monthly Low	1.302
Daily Fibonacci 38.2%	1.3182
Daily Fibonacci 61.8%	1.3165
Daily Pivot Point S1	1.3158
Daily Pivot Point S2	1.3112
Daily Pivot Point S3	1.3087
Daily Pivot Point R1	1.323
Daily Pivot Point R2	1.3255
Daily Pivot Point R3	1.3301

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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