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USD/CAD Price Analysis: Eases towards a fortnight-old support below 1.2100
Abstract：USD/CAD Price Analysis: Eases towards a fortnight-old support below 1.2100
USD/CAD bounces off intraday low but stays pressured towards short-term support line.
Downward sloping Momentum, multiple resistance lines favor sellers.
USD/CAD extends Friday‘s pullback from 1.2120 to 1.2060 during Tuesday’s Asian session trading. In doing so, the pair sellers justify sustained trading below short-term resistance lines and descending Momentum line.
However, further downside awaits a clear break of a two-week-old support line, near 1.2045, before aiming for the 1.2030 level to the south.
Also acting as the key supports are the 1.2013 and the 1.2000 psychological level.
Meanwhile, a two-day-long falling trend line near 1.2080 guards the quotes immediate recovery moves ahead of the weekly resistance line near 1.2100.
Its worth noting that multiple hurdles to around 1.2145, marked since May 19, become the key challenge for USD/CAD buyers.
Overall, USD/CAD remains in the bearish trajectory but sellers seem to catch a break of late.
USD/CAD hourly chart
Trend: bearish
ADDITIONAL IMPORTANT LEVELS
| OVERVIEW | |
|---|---|
| Today last price | 1.2061 |
| Today Daily Change | -1 pips |
| Today Daily Change % | -0.01% |
| Today daily open | 1.2062 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1.2115 |
| Daily SMA50 | 1.2352 |
| Daily SMA100 | 1.2507 |
| Daily SMA200 | 1.278 |
| LEVELS | |
|---|---|
| Previous Daily High | 1.2092 |
| Previous Daily Low | 1.2048 |
| Previous Weekly High | 1.2142 |
| Previous Weekly Low | 1.2029 |
| Previous Monthly High | 1.2352 |
| Previous Monthly Low | 1.2013 |
| Daily Fibonacci 38.2% | 1.2065 |
| Daily Fibonacci 61.8% | 1.2075 |
| Daily Pivot Point S1 | 1.2043 |
| Daily Pivot Point S2 | 1.2023 |
| Daily Pivot Point S3 | 1.1998 |
| Daily Pivot Point R1 | 1.2087 |
| Daily Pivot Point R2 | 1.2111 |
| Daily Pivot Point R3 | 1.2131 |
Stay tuned on WikiFX, more news coming soon!
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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Market Insights | January 15, 2024
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