#USDCAD @ 1.36380 remains pressured around fortnight low, keeps Friday’s break of 21-DMA., @nehcap view: Further downside expected (Pivot Orderbook analysis)
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- USD/CAD remains pressured around fortnight low, keeps Friday’s break of 21-DMA.
- The first daily close below 21-DMA in six weeks, bearish MACD signals favor sellers.
- One-week-old descending trend line adds to the upside filters.
The pair currently trades last at 1.36380.
The previous day high was 1.3855 while the previous day low was 1.363. The daily 38.2% Fib levels comes at 1.3716, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3769, expected to provide resistance.
USD/CAD fades the bounce off a two-week low, marked earlier in the day, as it retreats to 1.3645 during Monday’s Asian session. In doing so, the Loonie pair keeps Friday’s downside break of the 21-DMA, the first in over a month.
In addition to the 21-DMA breakdown, the bearish MACD signals and a downward sloping RSI, not oversold, also direct the USD/CAD sellers towards an ascending support line from late September, around 1.3570 by the press time. However, the 1.3600 threshold may act as an immediate rest for the bears.
In a case where the quote breaks the aforementioned support, the monthly low and the 38.2% Fibonacci retracement of the pair’s August-October upside, near 1.3500, will be crucial to watch for the further downside.
Should the USD/CAD bears dominate past 1.3500, an upward-sloping support line from August, close to 1.3320 by the press time.
Alternatively, a daily closing beyond the 21-DMA level of 1.3716 appears necessary for the pair buyer’s return.
Even so, a descending resistance line from October 13 and the previous monthly high, respectively around 1.3815 and 1.3840, will be tough challenges for the USD/CAD bulls.
Trend: Further downside expected
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3645 at the time of writing. Pair opened at 1.364 and is trading with a change of 0.04% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3645 |
| 1 | Today Daily Change | 0.0005 |
| 2 | Today Daily Change % | 0.04% |
| 3 | Today daily open | 1.364 |
The pair is trading below its 20 Daily moving average @ 1.3724, above its 50 Daily moving average @ 1.3361 , above its 100 Daily moving average @ 1.3122 and above its 200 Daily moving average @ 1.2911
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3724 |
| 1 | Daily SMA50 | 1.3361 |
| 2 | Daily SMA100 | 1.3122 |
| 3 | Daily SMA200 | 1.2911 |
The previous day high was 1.3855 while the previous day low was 1.363. The daily 38.2% Fib levels comes at 1.3716, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3769, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.3562, 1.3483, 1.3337
- Pivot resistance is noted at 1.3787, 1.3933, 1.4012
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3855 |
| Previous Daily Low | 1.3630 |
| Previous Weekly High | 1.3885 |
| Previous Weekly Low | 1.3630 |
| Previous Monthly High | 1.3838 |
| Previous Monthly Low | 1.2954 |
| Daily Fibonacci 38.2% | 1.3716 |
| Daily Fibonacci 61.8% | 1.3769 |
| Daily Pivot Point S1 | 1.3562 |
| Daily Pivot Point S2 | 1.3483 |
| Daily Pivot Point S3 | 1.3337 |
| Daily Pivot Point R1 | 1.3787 |
| Daily Pivot Point R2 | 1.3933 |
| Daily Pivot Point R3 | 1.4012 |
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