Note

USD/CAD Price Analysis: 1.3170/65 Becomes a Tough Nut to Crack for Sellers

· Views 624
  • USD/CAD remains on the back foot below 1.3200.
  • Bearish MACD on the weekly chart, sustained break of the monthly support line favor short-term downside.
  • 200-week SMA, 61.8% of Fibonacci retracement offer the key support.

USD/CAD refreshes the 15-day low while declining to 1.3193 during the early Friday. In doing so, the quote extends the downside break of a monthly support line, triggered late-Wednesday, while flashing the second week of the south-run.

Other than the trend line break, bearish MACD also directs the USD/CAD sellers toward a confluence of 200-week SMA and 61.8% Fibonacci retracement of February 2018 to March 2020 upside.

However, a clear break below 1.3170/65 key support will make the pair vulnerable to challenge the September month bottom close to 1.2995. It’s should be noted that there are multiple barriers around the 1.3100 threshold during the downside between 1.3165 and 1.2995.

Meanwhile, the early September high near 1.3260 can offer immediate resistance to the pair ahead of a downward sloping trend line from September 30, at 1.3306 now.

Also acting as the upside barrier could be the previous month’s peak surrounding 1.3420 and 50% Fibonacci retracement level of 1.3458.

USD/CAD weekly chart

USD/CAD Price Analysis: 1.3170/65 Becomes a Tough Nut to Crack for Sellers

Trend: Pullback expected

Additional important levels

Overview
Today last price 1.3193
Today Daily Change -4 pips
Today Daily Change % -0.03%
Today daily open 1.3197
Trends
Daily SMA20 1.3277
Daily SMA50 1.3235
Daily SMA100 1.3401
Daily SMA200 1.3535
Levels
Previous Daily High 1.3267
Previous Daily Low 1.3195
Previous Weekly High 1.3421
Previous Weekly Low 1.3267
Previous Monthly High 1.3421
Previous Monthly Low 1.2994
Daily Fibonacci 38.2% 1.3222
Daily Fibonacci 61.8% 1.3239
Daily Pivot Point S1 1.3172
Daily Pivot Point S2 1.3148
Daily Pivot Point S3 1.3101
Daily Pivot Point R1 1.3244
Daily Pivot Point R2 1.3291
Daily Pivot Point R3 1.3315

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.