USD/CAD Technical Analysis: Again bounces off 10-day SMA, multi-month-old trendline in focus

USD/CAD confronts 50% Fibonacci retracement during its recent recovery.
A downward sloping resistance line since mid-June holds the key to 61.8% Fibonacci retracement.
Multiple supports on the downside, bullish MACD question pair’s declines.

Anil Panchal FXStreet

USD/CAD registers another U-turn from 10-day Simple Moving Average (SMA) while taking the bids to 1.3280 during the pre-European session on Wednesday.

50% Fibonacci retracement of May-July fall, at 1.3291, acts as immediate resistance ahead of the key descending trend line ranging from June 18, near 1.3325/30.

In a case prices rally beyond 1.3330 on a daily closing basis, bulls may target 61.8% Fibonacci retracement around 1.3356/60 while heading towards September month top surrounding 1.3385.

Meanwhile, a downside break of the 10-day SMA level of 1.3270 can have 38.2% Fibonacci retracement level of 1.3225 and one-month-old rising trend line, at 1.3200, as near-term key supports.

Not only multiple supports but bullish signals from 12-bar Moving Average Convergence and Divergence (MACD) also portray the pair’s strength.

USD/CAD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.3279
Today Daily Change	3 pips
Today Daily Change %	0.02%
Today daily open	1.3276

Trends
Daily SMA20	1.3225
Daily SMA50	1.3218
Daily SMA100	1.3214
Daily SMA200	1.3277

Levels
Previous Daily High	1.3318
Previous Daily Low	1.3272
Previous Weekly High	1.3328
Previous Weekly Low	1.3156
Previous Monthly High	1.3349
Previous Monthly Low	1.3042
Daily Fibonacci 38.2%	1.3289
Daily Fibonacci 61.8%	1.33
Daily Pivot Point S1	1.3259
Daily Pivot Point S2	1.3242
Daily Pivot Point S3	1.3213
Daily Pivot Point R1	1.3305
Daily Pivot Point R2	1.3334
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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