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.

Anil Panchal FXStreet

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

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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