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USD/CAD Price Analysis: Bears attack 1.3200 after reversing from immediate resistance line

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  • USD/CAD sellers await fresh clue to extend pullback from a seven-day-old falling trend line.
  • Sustained break of 50-bar SMA challenges short-term sellers.
  • 100-bar SMA, monthly resistance line offer strong upside barrier.

USD/CAD seesaws around 1.3220/15 during the initial Asian session on Tuesday. In doing so, the loonie pair marks another U-turn from a short-term resistance line stretched from August 14. However, the quote’s successful break of 50-bar SMA, the first since August 10, challenges the bears at the moment.

As a result, sellers will wait for a clear downside break of 1.3200 mark comprising the said SMA to retake controls. Following that, 1.3160 and the monthly bottom, also the lowest since late-January, near 1.3130, becomes the key.

If at all the USD/CAD prices fail to bounce off 1.3130, odds of witnessing 1.3000 on the charts can’t be ruled out.

Meanwhile, an upside clearance of the said resistance line, at 1.3230 now, can’t be a sure thing to recall the buyers as another descending trend line from August 03 and 100-bar SMA restrict the pair’s further rise past-1.3270.

USD/CAD four-hour chart

USD/CAD Price Analysis: Bears attack 1.3200 after reversing from immediate resistance line

Trend: Sideways

Additional important levels

Overview
Today last price 1.3219
Today Daily Change 41 pips
Today Daily Change % 0.31%
Today daily open 1.3178
Trends
Daily SMA20 1.3296
Daily SMA50 1.3455
Daily SMA100 1.3677
Daily SMA200 1.3531
Levels
Previous Daily High 1.3234
Previous Daily Low 1.3159
Previous Weekly High 1.3265
Previous Weekly Low 1.3133
Previous Monthly High 1.3646
Previous Monthly Low 1.3331
Daily Fibonacci 38.2% 1.3188
Daily Fibonacci 61.8% 1.3206
Daily Pivot Point S1 1.3146
Daily Pivot Point S2 1.3115
Daily Pivot Point S3 1.3071
Daily Pivot Point R1 1.3221
Daily Pivot Point R2 1.3265
Daily Pivot Point R3 1.3296

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The CAD is also dependent on the price of crude oil. In 2019, it was the fifth largest producer and exporter of crude oil in the world.
Great post!

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