USD/CAD technical analysis: On the back foot below 12-week-old rising trendline

  • USD/CAD remains under pressure below key support-turned-resistance.
  • The 23.6% Fibonacci retracement, September low become likely nearby supports to watch.

Following its downside break of near-term key support line, USD/CAD declines to 1.3197during early Asian session on Monday.

The pair now aims to visit 23.6% Fibonacci retracement level of May-July south-run, at 1.3145 whereas September month low close to 1.3130 could please sellers afterward.

It should, however, be noted that the 14-bar Relative Strength Index (RSI) might drop to oversold territory during further declines and could lure counter-trend traders around 1.3130.

On the contrary, pair’s daily closing beyond support-turned-resistance, at 1.3215 now, can trigger fresh pullback to 100-day Simple Moving Average (SMA) level near 1.3240.

However, 50% Fibonacci retracement and 200-day SMA becomes a tough barrier around 1.3285/90 for buyers to confront, which if broken could escalate the recovery to monthly tops surrounding 1.3350.

USD/CAD daily chart

Trend: bearish

additional important levels

Today last price 1.32
Today Daily Change 0.0000
Today Daily Change % 0.00
Today daily open 1.32
Daily SMA20 1.3273
Daily SMA50 1.3267
Daily SMA100 1.3243
Daily SMA200 1.3287
Previous Daily High 1.3302
Previous Daily Low 1.317
Previous Weekly High 1.3348
Previous Weekly Low 1.317
Previous Monthly High 1.3384
Previous Monthly Low 1.3134
Daily Fibonacci 38.2% 1.3221
Daily Fibonacci 61.8% 1.3251
Daily Pivot Point S1 1.3147
Daily Pivot Point S2 1.3093
Daily Pivot Point S3 1.3016
Daily Pivot Point R1 1.3278
Daily Pivot Point R2 1.3355
Daily Pivot Point R3 1.3409



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