USD/CAD technical analysis: All eyes on 1.3016/15 horizontal support


  • USD/CAD traders near three-month low with the MACD flashing bearish signals.
  • Multiple lows marked since October 18, 2018, highlights the 1.3016/15 area as the key support.

With the bearish signal from 12-bar Moving Average Convergence and Divergence (MACD) favoring further downside of the USD/CAD pair, one-year-old horizontal support gains market attention. The quote seesaws around 1.3060 by the press time of early Monday.

Following its gradual decline since October 10, which drags it below 61.8% Fibonacci retracement of late-2018 upside, the pair bears now seem to wait for the key horizontal support around 1.3016/15 to break in order to exert further downside pressure.

In doing so, an extended south-run below 1.3000 will validate the pair’s drop to 1.2915 and October 2018 monthly low near 1.2780.

Meanwhile, the pair’s rise above 61.8% Fibonacci retracement level of 1.3122 will set the tone for pair’s recovery towards 1.3150 and early-month lows near 1.3300.

USD/CAD daily chart

Trend: bearish

additional important levels

Overview
Today last price 1.3062
Today Daily Change 4 pips
Today Daily Change % 0.03%
Today daily open 1.3058
 
Trends
Daily SMA20 1.3207
Daily SMA50 1.324
Daily SMA100 1.3212
Daily SMA200 1.3281
 
Levels
Previous Daily High 1.3078
Previous Daily Low 1.3052
Previous Weekly High 1.3139
Previous Weekly Low 1.3052
Previous Monthly High 1.3384
Previous Monthly Low 1.3134
Daily Fibonacci 38.2% 1.3062
Daily Fibonacci 61.8% 1.3068
Daily Pivot Point S1 1.3047
Daily Pivot Point S2 1.3036
Daily Pivot Point S3 1.302
Daily Pivot Point R1 1.3074
Daily Pivot Point R2 1.309
Daily Pivot Point R3 1.3101

 

 

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.

Feed news

Latest Forex News

Editors’ Picks

GBP/USD consolidates losses below 1.3150 amid a tighter election poll

GBP/USD is trading below 1.3150, consolidating its losses after YouGov's MRP poll showed a tighter Conservative majority ahead of the UK elections on Thursday. Trade headlines and the Fed decision are also awaited.

GBP/USD News

EUR/USD remains pressured below 1.11 amid trade uncertainty, ahead of the Fed

EUR/USD is trading below 1.11, consolidating its gains. Uncertainty about the planned US tariffs on China looms and tension is mounting ahead of US inflation and the all-important Fed decision.

EUR/USD News

Forex Today: Boris gets a blow from big poll, tariff threat looms, focus on the Fed

President Donald Trump has yet to decide on the December 15 tariffs, according to the Wall Street Journal. On the other hand, the paper says that negotiators are laying the groundwork for a deal.

Read more

Gold stalls two-day winning streak on the Fed day, trade jitters continue

Gold prices register a mild loss of -0.05% while hovering below $ 1465 on Wednesday. The yellow metal seems to have lacked buying interest ahead of the key monetary policy meeting by the US Federal Reserve (Fed).

Gold News

USD/JPY: 200-hour EMA questions immediate rising trend-channel

USD/JPY recently took a U-turn from 200-hour Exponential Moving Average (EMA). Even so, it stays well within the two-day-old rising trend-channel formation. The pair trades around 108.75 at the press time on Wednesday.

USD/JPY News

Forex MAJORS

Cryptocurrencies

Signatures