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USD/CAD Price Analysis: 1.2810 appears a tough nut to crack for bulls

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  • USD/CAD reverses pullback from nine-week top, recently picking up bids.
  • 78.6% Fibonacci retracement, July’s top and upper line of 12-day-old channel challenge buyers.
  • Overbought RSI conditions add to upside filters, bears can rest assured below 50-DMA.

USD/CAD pares intraday losses around 1.2750, down 0.25% on a day as European traders brace for Monday’s bell.

The Loonie pair jumped to the highest levels since late September the previous day but couldn’t cross 78.6% Fibonacci retracement (Fibo.) August-October downside and July’s high surrounding 1.2810. Adding strength to the 1.2810 resistance is the short-term channel’s upper line/

In addition to the failures to cross the key resistance, overbought RSI conditions also challenge the USD/CAD buyers, suggesting smoother roads for the pair’s downside.

That said, the support line of the stated channel, around 1.2660, restricts the short-term downside of the pair, a break of which will highlight 50% Fibo. level of 1.2620.

It should be noted, however, that the USD/CAD weakness past 1.2620 will be challenged by a 50-DMA level of 1.2532.

On the contrary, a daily closing past 1.2810 will aim for September’s high of 1.2900 before August month’s peak of 1.2950 and the 1.3000 psychological magnet lure the pair bulls.

USD/CAD: Daily chart

USD/CAD Price Analysis: 1.2810 appears a tough nut to crack for bulls

Trend: Pullback expected

Additional important levels

Overview
Today last price 1.2751
Today Daily Change -0.0035
Today Daily Change % -0.27%
Today daily open 1.2786
Trends
Daily SMA20 1.2551
Daily SMA50 1.2534
Daily SMA100 1.2566
Daily SMA200 1.2472
Levels
Previous Daily High 1.28
Previous Daily Low 1.2647
Previous Weekly High 1.28
Previous Weekly Low 1.2628
Previous Monthly High 1.2739
Previous Monthly Low 1.2288
Daily Fibonacci 38.2% 1.2741
Daily Fibonacci 61.8% 1.2705
Daily Pivot Point S1 1.2689
Daily Pivot Point S2 1.2592
Daily Pivot Point S3 1.2537
Daily Pivot Point R1 1.2841
Daily Pivot Point R2 1.2897
Daily Pivot Point R3 1.2994

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