#USDCAD @ 1.32758 USDCAD licks its wounds at the lowest levels in two months, pressured near multi-day low of late., @nehcap view: Further weakness expected (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• USDCAD licks its wounds at the lowest levels in two months, pressured near multi-day low of late.
• Convergence of 100-DMA, four-month-old horizontal support challenge bears.
• A two-week-long descending trend line restricts recovery moves.
• Bearish MACD signals, failure to rebound from the key support area keep bears hopeful.

The pair currently trades last at 1.32758.

The previous day high was 1.3314 while the previous day low was 1.3239. The daily 38.2% Fib levels comes at 1.3285, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3268, expected to provide support.

USDCAD holds lower grounds around 1.3280, fading the bounce off a two-month low amid Wednesday’s initial Asian session.

Not only the USDCAD pair’s failure to defend the recovery from the 1.3220-30 support zone but bearish MACD signals and a two-week-old descending trend line also favor the Loonie pair sellers.

That said, a clear downside break of the 1.3220 mark could quickly direct USDCAD towards an upward-sloping trend line from early June, around 1.3050 by the press time.

It’s worth noting that the USDCAD weakness past 1.3050 will be restricted by the 1.3000 psychological magnet and 200-DMA support level near 1.2990.

Alternatively, an upside clearance of the aforementioned short-term resistance line, around 1.3380 by the press time, could renew the USDCAD buying.

Even so, lows marked during October, around 1.3495-3505, appear tough nut to crack for the USDCAD bulls before approaching the yearly high surrounding 1.3980.

Overall, USDCAD remains on the bear’s radar but the downside room appears limited.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

USDCAD currently trading at 1.3278 at the time of writing. Pair opened at 1.3313 and is trading with a change of -0.26% % .

The pair is trading below its 20 Daily moving average @ 1.3574, below its 50 Daily moving average @ 1.3529 , above its 100 Daily moving average @ 1.3233 and above its 200 Daily moving average @ 1.2982

The previous day high was 1.3314 while the previous day low was 1.3239. The daily 38.2% Fib levels comes at 1.3285, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3268, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.3264, 1.3214, 1.3189
• Pivot resistance is noted at 1.3338, 1.3363, 1.3412

[/s2If]
Join Our Telegram Group