- Analytics
- News and Tools
- Market News
- USD/CAD Price Analysis: Sellers extend pullback from 50-HMA towards 1.2800
USD/CAD Price Analysis: Sellers extend pullback from 50-HMA towards 1.2800
- USD/CAD refreshes intraday low, fades bounce off one-week low marked the previous day.
- RSI retreat, sustained trading below previous support line, SMAs keep sellers hopeful.
- 50% Fibonacci retracement limits immediate downside, 200-HMA acts as additional resistance.
USD/CAD sellers attack 1.2800, down 0.06% intraday near 1.2807 during early Monday. In doing so, the Loonie pair stretches the previous day’s pullback from 50-HMA amid RSI retreat.
Also favoring the bears is the quote’s sustained trading below the 200-HMA and previous support line from December 08.
That said, 50% Fibonacci retracement (Fibo.) of December 08-20 upside, near 1.2785 lures intraday sellers ahead of the mid-December’s swing low near 1.2760.
Adding to the downside filters is the 61.8% Fibo. level surrounding 1.2745 and the 1.2720-25 region.
Meanwhile, an upside clearance of the 50-HMA level of 1.2820 will aim for the 200-HMA level, at 1.2858 by the press time.
Even if the quote rises past 1.2858, the previous support line close to 1.2925 and the monthly peak of 1.2964, also the highest level in 2021, will challenge the USD/CAD buyers.
USD/CAD: Hourly chart
Trend: Further weakness expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
