• 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.

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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD rebounds, steadies above 1.0400

EUR/USD rebounds, steadies above 1.0400

EUR/USD has staged a rebound and reclaimed 1.0400 during the American trading hours on Friday with the US Dollar Index retreating from the multi-week high it set at above 105.60. Nevertheless, the pair remains on track to close the week in negative territory. 

EUR/USD News

GBP/USD climbs to 1.2050 area, looks to post weekly losses

GBP/USD climbs to 1.2050 area, looks to post weekly losses

GBP/USD reversed its direction and advanced to the 1.2050 area after having dropped to 1.1976 earlier in the day. The pair is still down more than 1% on the day with safe-haven flows dominating the financial markets following the disappointing PMI data from the US.

GBP/USD News

Gold rebounds above $1,800 as US yields fall sharply

Gold rebounds above $1,800 as US yields fall sharply

Gold has regained its traction and recovered above $1,800 after having slumped to a multi-month low below $1,790. Following the dismal PMI data from the US, the benchmark 10-year US Treasury bond yield is down more than 6% on the day, fueling XAU/USD's rebound.

Gold News

Why traders are rushing to exit positions on Cardano’s ADA price

Why traders are rushing to exit positions on Cardano’s ADA price

Cardano (ADA) price has had its performance review as the summer kicks off. ADA bulls are returning home with not-that-good a scorecard, and the underperformance could cut short holiday funding for the cryptocurrency.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures