USD/CAD Technical Analysis: 1.3245 becomes immediate challenge ahead of aiming 1.3295-1.3300 region

USD/CAD trades around 1.3230 at the beginning of the Asian session on Friday.
The pair recently recovered from late-January highs but an immediate downward sloping trend-line joining a week’s high, at 1.3245, may challenge the up-moves.
Given the pair’s successful break of 1.3245, it becomes capable of aiming the 1.3295-1.3300 resistance-region comprising another descending resistance-line connecting highs marked since January 24 and 38.2% Fibonacci retracement of the pair’s late-December to early February downturn.
Should there be additional upside past-1.3300, 1.3330 and 50% Fibonacci retracement near 1.3365 can please the buyers.
Meanwhile, 1.3165 can offer immediate support to the pair during its pullback, a break of which can recall 1.3120 and 1.3080 rest-points on the chart.
In a case where prices keep drowning past-1.3080, the current month low around 1.3065 may offer an intermediate halt, which if ignored could trigger the pair’s plunge to 1.2970, including 61.8% Fibonacci expansion of its moves since the end of December 2018.

Additional important levels:

Overview:
    Today Last Price: 1.323
    Today Daily change: 53 pips
    Today Daily change %: 0.40%
    Today Daily Open: 1.3177
Trends:
    Daily SMA20: 1.3223
    Daily SMA50: 1.3352
    Daily SMA100: 1.3256
    Daily SMA200: 1.3154
Levels:
    Previous Daily High: 1.322
    Previous Daily Low: 1.315
    Previous Weekly High: 1.3341
    Previous Weekly Low: 1.3196
    Previous Monthly High: 1.3664
    Previous Monthly Low: 1.3118
    Daily Fibonacci 38.2%: 1.3177
    Daily Fibonacci 61.8%: 1.3194
    Daily Pivot Point S1: 1.3144
    Daily Pivot Point S2: 1.3112
    Daily Pivot Point S3: 1.3074
    Daily Pivot Point R1: 1.3215
    Daily Pivot Point R2: 1.3253
    Daily Pivot Point R3: 1.3285

Share: Feed news

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.