- Analytics
- News and Tools
- Market News
- USD/CAD Price Analysis: Extends bounce off 50-day EMA towards 1.2800
USD/CAD Price Analysis: Extends bounce off 50-day EMA towards 1.2800
- USD/CAD renews intraday high, keeps corrective pullback from 13-day low.
- Bearish MACD signals, steady RSI favor sellers until staying below 1.2920.
- Key Fibonacci retracement levels add to the downside filters
USD/CAD picks up bids to renew daily top surrounding 1.2800, after the biggest daily fall towards testing a fortnight low. In doing so, the Loonie pair rebounds from the 50-day EMA during Tuesday’s Asian session.
Even so, bearish MACD signals and the steady RSI keeps USD/CAD bulls worried. Also challenging the recovery moves is the 10-day EMA level surrounding 1.2845.
Additionally, a three-week-long horizontal area comprising the 23.6% Fibonacci retracement (Fibo.) of April-May upside, as well as the tops marked during early May, will also challenge the pair’s short-term upside near 1.2920.
In a case where USD/CAD rises past 1.2920, the 1.3000 threshold and the monthly peak of 1.3076 will be on the bull’s radar.
On the contrary, a daily closing below the 50-day EMA level of 1.2764 can direct USD/CAD sellers towards the 50% and 61.8% Fibonacci retracements, respectively near 1.2740 and 1.2660.
Following that, a south-run towards the late April swing low near 1.2460 can’t be ruled out.
USD/CAD: Daily 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
