#USDCAD @ 1.37205 extends the previous day’s pullback from 29-month high, pokes 50-SMA of late., @nehcap view: Further weakness expected (Pivot Orderbook analysis)
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- USD/CAD extends the previous day’s pullback from 29-month high, pokes 50-SMA of late.
- Bearish MACD signals, sustained break of an ascending trend line from September 13 keeps sellers hopeful.
- Buyers need to provide a daily close beyond 1.3865 to retake control.
The pair currently trades last at 1.37205.
The previous day high was 1.3978 while the previous day low was 1.3707. The daily 38.2% Fib levels comes at 1.381, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3874, expected to provide resistance.
USD/CAD takes offers to refresh intraday low around 1.3710 during early Friday morning in Europe. In doing so, the Loonie pair stretches Thursday’s losses while poking the 50-SMA support.
It’s worth noting, however, that the bearish MACD signals and the pair’s sustained downside break of the one-month-old ascending trend line favor sellers of late.
With this, the USD/CAD bears are on the way to an upward-sloping support line from September 14, near 0.9670, a break of which will make the quote vulnerable to refresh the monthly low, currently around 1.3500.
Alternatively, recovery moves need to cross the previous support line from mid-September, close to 1.3745 at the latest.
Even so, a 12-day-old ascending resistance line of around 1.3865 could challenge the USD/CAD buyers.
Following that, a run-up towards the latest swing high near 1.3980 and then to the 1.4000 psychological magnet can’t be ruled out.
Overall, USD/CAD is likely to witness further downside but the bullish trend is far from reversing.
Trend: Further weakness expected
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3714 at the time of writing. Pair opened at 1.3751 and is trading with a change of -0.27% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3714 |
| 1 | Today Daily Change | -0.0037 |
| 2 | Today Daily Change % | -0.27% |
| 3 | Today daily open | 1.3751 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.362, 50 SMA 1.3251, 100 SMA @ 1.3055 and 200 SMA @ 1.2876.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3620 |
| 1 | Daily SMA50 | 1.3251 |
| 2 | Daily SMA100 | 1.3055 |
| 3 | Daily SMA200 | 1.2876 |
The previous day high was 1.3978 while the previous day low was 1.3707. The daily 38.2% Fib levels comes at 1.381, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3874, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.3646, 1.3541, 1.3375
- Pivot resistance is noted at 1.3917, 1.4083, 1.4188
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3978 |
| Previous Daily Low | 1.3707 |
| Previous Weekly High | 1.3827 |
| Previous Weekly Low | 1.3503 |
| Previous Monthly High | 1.3838 |
| Previous Monthly Low | 1.2954 |
| Daily Fibonacci 38.2% | 1.3810 |
| Daily Fibonacci 61.8% | 1.3874 |
| Daily Pivot Point S1 | 1.3646 |
| Daily Pivot Point S2 | 1.3541 |
| Daily Pivot Point S3 | 1.3375 |
| Daily Pivot Point R1 | 1.3917 |
| Daily Pivot Point R2 | 1.4083 |
| Daily Pivot Point R3 | 1.4188 |
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