USD/CAD Price Analysis: Three-week-old resistance probes Wednesday’s doji

USD/CAD consolidates the previous day’s drop to fresh multi-month low under 1.2700.
A change reversal suggesting candlestick formation battles December lows amid bearish MACD.
21-day and 10-day SMA add to the upside filters.

Anil Panchal FXStreet

USD/CAD takes rounds to 1.2675/70 during Thursday’s Asian trading. The pair dropped to the fresh low since April 2018 before bouncing off 1.2630 and closing around 1.2670 the previous day. In doing so, it formed a Doji candlestick near the multi-month low, which in turn suggests a corrective pullback.

Though, USD/CAD buyers need to successfully cross lows marked during December 15 and 17, around 1.2690, to firm up the grip and justify the candlestick formation.

Also likely to challenge the upside momentum is the 1.2700 threshold and short-term SMAs near 1.2755 and 1.2770.

On the contrary, a downside break of the latest low of 1.2630 will eye the 1.2600 round-figure for immediate relief of the USD/CAD sellers before directing them to April 2018 bottom surrounding 1.2530/25.

Overall, USD/CAD is likely to remain pressured but Wednesday’s Doji formation teases short-term corrective pullback in prices.

USD/CAD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.2674
Today Daily Change	4 pips
Today Daily Change %	0.03%
Today daily open	1.267

Trends
Daily SMA20	1.2777
Daily SMA50	1.2933
Daily SMA100	1.3067
Daily SMA200	1.3382

Levels
Previous Daily High	1.2724
Previous Daily Low	1.263
Previous Weekly High	1.2876
Previous Weekly Low	1.2714
Previous Monthly High	1.301
Previous Monthly Low	1.2688
Daily Fibonacci 38.2%	1.2666
Daily Fibonacci 61.8%	1.2688
Daily Pivot Point S1	1.2626
Daily Pivot Point S2	1.2581
Daily Pivot Point S3	1.2532
Daily Pivot Point R1	1.2719
Daily Pivot Point R2	1.2768
Daily Pivot Point R3	1.2813

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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