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.

Anil Panchal FXStreet

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 price	1.3167
Today Daily Change	-0.0013
Today Daily Change %	-0.10%
Today daily open	1.318

Trends
Daily SMA20	1.3257
Daily SMA50	1.3214
Daily SMA100	1.3232
Daily SMA200	1.3278

Levels
Previous Daily High	1.3242
Previous Daily Low	1.3162
Previous Weekly High	1.3322
Previous Weekly Low	1.3158
Previous Monthly High	1.3328
Previous Monthly Low	1.3114
Daily Fibonacci 38.2%	1.3193
Daily Fibonacci 61.8%	1.3211
Daily Pivot Point S1	1.3148
Daily Pivot Point S2	1.3116
Daily Pivot Point S3	1.3069
Daily Pivot Point R1	1.3227
Daily Pivot Point R2	1.3274
Daily Pivot Point R3	1.3306

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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