#USDCAD @ 1.34320 struggles for clear directions after two-day downtrend., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• USD/CAD struggles for clear directions after two-day downtrend.
• 100-HMA approaches 50-HMA from below, suggesting short-term downside.
• Four-day-old resistance line adds to the upside filters.
• Bears need validation from a two-week-old ascending support line.

The pair currently trades last at 1.34320.

The previous day high was 1.3594 while the previous day low was 1.3426. The daily 38.2% Fib levels comes at 1.349, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.353, expected to provide resistance.

USD/CAD treads water around 1.3430 during the early Friday in Asia, following a two-day losing streak. The Loonie pair’s latest inaction could be linked to the trader’s cautious mood ahead of the key employment data from the US and Canada.

Even so, a looming bear cross between the 100-HMA and 50-HMA keeps the USD/CAD sellers hopeful. It’s worth noting that the 100-HMA has to successfully pierce the 50-HMA to confirm the bearish bias.

That said, the bullish MACD signals challenge the quote’s downside after the latest fall, which in turn suggests a corrective bounce toward the HMA convergence area near 1.3475.

Also acting as an upside filter is a downward-sloping resistance line from Tuesday, close to 1.3490, as well as the 1.3500 threshold.

Hence, the USD/CAD pair remains on the bear’s radar unless crossing the 1.3500 mark, a break of which could direct the buyers toward the weekly top surrounding 1.3645.

On the flip side, an ascending trend line from November 16, close to 1.3380 at the latest, restricts the short-term downside of the Loonie pair.

Following that, the 1.3315 level may probe the USD/CAD bears before directing them to the monthly low near 1.3225.

Trend: Further downside expected

Technical Levels: Supports and Resistances

USDCAD currently trading at 1.3432 at the time of writing. Pair opened at 1.3451 and is trading with a change of -0.14% % .

The pair is trading above its 20 Daily moving average @ 1.3416, below its 50 Daily moving average @ 1.3578 , above its 100 Daily moving average @ 1.3286 and above its 200 Daily moving average @ 1.3022

The previous day high was 1.3594 while the previous day low was 1.3426. The daily 38.2% Fib levels comes at 1.349, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.353, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.3387, 1.3322, 1.3218
• Pivot resistance is noted at 1.3555, 1.3659, 1.3723

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