- 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
additional important levels
|Today last price||1.3062|
|Today Daily Change||4 pips|
|Today Daily Change %||0.03%|
|Today daily open||1.3058|
|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|
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