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USD/CAD Technical Analysis: Weak below 50-DMA, 50% Fibonacci

  • USD/CAD drops towards a familiar support zone.
  • A week-long resistance line restricts immediate upside.
  • Bearish MACD keeps sellers hopeful.

USD/CAD declines to 1.3168 by the press time of early Thursday. That said, the pair’s recently dropped below 50-Day Simple Moving Average (DMA) and 50% Fibonacci retracement of September-October fall.

Together with the fall below important confluence, bearish signals of 12-bar Moving Average Convergence and Divergence (MACD) also signal the return of 1.3160/55 area comprising multiple lows market since early November.

If prices slip beneath 1.3160, 23.6% Fibonacci retracement around 1.3120 and 1.3080 can entertain the Bears.

On the contrary, 1.3210/15 resistance confluence, including 50-DMA and 50% Fibonacci retracement, followed by a short-term falling trend line near 1.3230, can keep the quote’s U-turn in check.

Also, 61.8% Fibonacci retracement level of 1.3255 holds the key to pair’s rise towards November month high near 1.3330.

USD/CAD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price1.3167
Today Daily Change-0.0013
Today Daily Change %-0.10%
Today daily open1.318
 
Trends
Daily SMA201.3257
Daily SMA501.3214
Daily SMA1001.3232
Daily SMA2001.3278
 
Levels
Previous Daily High1.3242
Previous Daily Low1.3162
Previous Weekly High1.3322
Previous Weekly Low1.3158
Previous Monthly High1.3328
Previous Monthly Low1.3114
Daily Fibonacci 38.2%1.3193
Daily Fibonacci 61.8%1.3211
Daily Pivot Point S11.3148
Daily Pivot Point S21.3116
Daily Pivot Point S31.3069
Daily Pivot Point R11.3227
Daily Pivot Point R21.3274
Daily Pivot Point R31.3306

Author

Anil Panchal

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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