USD/CAD technical analysis: 1.3042/38 regains seller’s attention despite oversold RSI

Failure to rise past-1.3144/51 drags the USD/CAD pair down to revisit near-term horizontal support area.
21-day EMA offers additional resistances on the upside.
1.2970, 1.2890/85 can please sellers during an additional downpour.

Anil Panchal FXStreet

Having pulled back from 1.3151/44 resistance-area, including latest tops and June 20 bottom, USD/CAD aims to revisit 1.3042/38 multiple support zone during early Friday.

Not only the strength of the horizontal rest-region that confine the quote’s declines during last-week but oversold levels of 14-day relative strength index (RSI) also questions bears.

If at all sellers refrain from respecting 1.3038 support-zone, late-October 2018 low near 1.2970 and 1.2890/85 regions including August and September 2018 bottoms can flash on their radar.

Alternatively, 61.8% Fibonacci retracement of the late-2018 swing low to an early year high, around 1.3116 offers immediate resistance to the pair ahead of highlighting 1.3144/51 resistance area.

It should also be noted that 21-day exponential moving average (EMA) at 1.3163 acts as an additional upside resistance for buyers to watch.

USD/CAD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.3049
Today Daily Change	-24 pips
Today Daily Change %	-0.18%
Today daily open	1.3073

Trends
Daily SMA20	1.3283
Daily SMA50	1.3386
Daily SMA100	1.3352
Daily SMA200	1.3292

Levels
Previous Daily High	1.3092
Previous Daily Low	1.3042
Previous Weekly High	1.3147
Previous Weekly Low	1.3038
Previous Monthly High	1.3529
Previous Monthly Low	1.306
Daily Fibonacci 38.2%	1.3061
Daily Fibonacci 61.8%	1.3072
Daily Pivot Point S1	1.3046
Daily Pivot Point S2	1.3019
Daily Pivot Point S3	1.2996
Daily Pivot Point R1	1.3096
Daily Pivot Point R2	1.3119
Daily Pivot Point R3	1.3146

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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