USDCAD @ 1.28380 – Support/Resistance analysis: Price Analysis: Fades bounce off 50/100-SMA around 1.2850
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- USD/CAD picks up bids to consolidate Tuesday’s losses amid sluggish session.
- Impending bear cross on MACD keeps sellers hopeful.
- Four-day-old support line adds to the downside filter.
The pair currently trades last at 1.28380.
The previous day high was 1.2929 while the previous day low was 1.2831. The daily 38.2% Fib levels comes at 1.2868, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2891, expected to provide resistance.
USD/CAD struggles to defend the corrective pullback from the key moving averages as the quote retreats to 1.2850 during early Wednesday morning in Europe.
In doing so, the Loonie pair drops back to the upward sloping support line from August 12 as the MACD teases sellers.
Considering the quote’s failure to keep the bounce off the 100-SMA and 50-SMA, as well as the bearish MACD signals, the USD/CAD prices are likely to remain soft.
However, a clear downside break of the stated support line and the SMA confluence, around 1.2845-40, becomes necessary for the pair bears to retake control.
Following that, a slump towards the 23.6% Fibonacci retracement level of August 05-11, near 1.2790, can’t be ruled out.
Meanwhile, recovery moves need to cross the 61.8% Fibonacci retracement level of 1.2890 to convince buyers.
Even so, a downward sloping resistance line from August 05, close to 1.2920, could act as the last defense of the USD/CAD bears.
Overall, USD/CAD is likely to remain sidelined, weak for the short-term, as traders await the key Fed Minutes.
Trend: Further weakness expected
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.2849 at the time of writing. Pair opened at 1.2845 and is trading with a change of 0.03% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.2849 |
| 1 | Today Daily Change | 0.0004 |
| 2 | Today Daily Change % | 0.03% |
| 3 | Today daily open | 1.2845 |
The pair is trading below its 20 Daily moving average @ 1.2851, below its 50 Daily moving average @ 1.2895 , above its 100 Daily moving average @ 1.2806 and above its 200 Daily moving average @ 1.275
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.2851 |
| 1 | Daily SMA50 | 1.2895 |
| 2 | Daily SMA100 | 1.2806 |
| 3 | Daily SMA200 | 1.2750 |
The previous day high was 1.2929 while the previous day low was 1.2831. The daily 38.2% Fib levels comes at 1.2868, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2891, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.2808, 1.2771, 1.271
- Pivot resistance is noted at 1.2906, 1.2966, 1.3003
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.2929 |
| Previous Daily Low | 1.2831 |
| Previous Weekly High | 1.2950 |
| Previous Weekly Low | 1.2728 |
| Previous Monthly High | 1.3224 |
| Previous Monthly Low | 1.2789 |
| Daily Fibonacci 38.2% | 1.2868 |
| Daily Fibonacci 61.8% | 1.2891 |
| Daily Pivot Point S1 | 1.2808 |
| Daily Pivot Point S2 | 1.2771 |
| Daily Pivot Point S3 | 1.2710 |
| Daily Pivot Point R1 | 1.2906 |
| Daily Pivot Point R2 | 1.2966 |
| Daily Pivot Point R3 | 1.3003 |
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