USD/CAD technical analysis: 1.3230/35 support-area restricts immediate declines

USD/CAD remains above 100-HMA, 38.2% Fibonacci retracement confluence.
61.8% Fibonacci retracement limits near-term advances.

Anil Panchal FXStreet

With its refrain from declining below 100-hour simple moving average (HMA) and 38.2% Fibonacci retracement level of an early-month downside, USD/CAD takes the bids to 1.3250 during initial Asian session on Wednesday.

Given the normal conditions of 14-bar relative strength index (RSI) and pair’s sustained trading beyond key support confluence, prices are likely to again confront 61.8% Fibonacci retracement level of 1.3288 with 50% Fibonacci retracement around 1.3260 likely being an immediate resistance to watch.

In a case where the quote successfully emerges out of 1.3290, 1.3300 round-figure and 1.3315 can question buyers targeting monthly top close to 1.3385.

Alternatively, pair’s declines below 1.3235/30 support confluence can quickly fetch it to weekly bottom near 1.3210 with 23.6% Fibonacci retracement around 1.3193, followed by 1.3133, be the expected supports to observe during further south-run.

USD/CAD hourly chart

Trend: bullish

additional important levels

Overview
Today last price	1.325
Today Daily Change	6 pips
Today Daily Change %	0.05%
Today daily open	1.3244

Trends
Daily SMA20	1.3256
Daily SMA50	1.321
Daily SMA100	1.3274
Daily SMA200	1.3312

Levels
Previous Daily High	1.33
Previous Daily Low	1.3234
Previous Weekly High	1.329
Previous Weekly Low	1.3134
Previous Monthly High	1.3346
Previous Monthly Low	1.3178
Daily Fibonacci 38.2%	1.3275
Daily Fibonacci 61.8%	1.3259
Daily Pivot Point S1	1.3218
Daily Pivot Point S2	1.3193
Daily Pivot Point S3	1.3152
Daily Pivot Point R1	1.3284
Daily Pivot Point R2	1.3325
Daily Pivot Point R3	1.3351

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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