Note

USD/CAD Price Analysis: Refreshes 11-week low to test five-month-old support line

· Views 2,059
  • USD/CAD registers another failure to break 50% of Fibonacci retracement, slips below 100-day SMA.
  • A falling trend line from late-March, 61.8% Fibonacci retracement and 200-day SMA on the bears’ radar.
  • April month low adds to the upside barrier above 1.3810.

USD/CAD drops to 1.3720, down 0.45% on a day, amid the Asian session on Monday. In doing so, the Loonie pair slips below 100-day SMA to visit the lowest level since March 12.

While the pair’s further selling is dependent on its daily closing below 100-day SMA, at 1.3725 now, an upward sloping trend line from January 07, currently around 1.3710, adds to the support.

In a case where the bears dominate past-1.3710, a descending trend line from March 27 at 1.3652 could please the bears.

It should also be noted that the pair’s additional weakness below 1.3652 might not refrain from challenging 61.8% Fibonacci retracement level of December 31, 2019 to March 19 upside, at 1.3606, ahead of aiming for 200-day SMA level of 1.3460.

Alternatively, a daily closing beyond 50% of Fibonacci retracement, near 1.3810, could challenge April month low of 1.3851.

USD/CAD daily chart

USD/CAD Price Analysis: Refreshes 11-week low to test five-month-old support line

Trend: Bearish

Additional important levels

Overview
Today last price 1.3717
Today Daily Change 68 pips
Today Daily Change % -0.49%
Today daily open 1.3785
Trends
Daily SMA20 1.3967
Daily SMA50 1.4039
Daily SMA100 1.3719
Daily SMA200 1.3458
Levels
Previous Daily High 1.3833
Previous Daily Low 1.3715
Previous Weekly High 1.4008
Previous Weekly Low 1.3715
Previous Monthly High 1.4173
Previous Monthly Low 1.3715
Daily Fibonacci 38.2% 1.3788
Daily Fibonacci 61.8% 1.376
Daily Pivot Point S1 1.3722
Daily Pivot Point S2 1.366
Daily Pivot Point S3 1.3604
Daily Pivot Point R1 1.384
Daily Pivot Point R2 1.3896
Daily Pivot Point R3 1.3958

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com

If you like, reward to support.
avatar

Hot

No comment on record. Start new comment.