USD/CAD Price Analysis: Bounces off three-week-old support, seesaws around 1.2700

USD/CAD rebounds from weekly low after three-day downtrend.
MACD signals don’t favor bulls, 1.2625 becomes the key support.
Recovery remains elusive below six-week-old resistance line.

Anil Panchal FXStreet

USD/CAD licks its wounds around the weekly bottom, recently recovering to 1.2690 during Thursday’s Asian session.

In doing so, the quote portrays a corrective pullback from an upward sloping support line from January 26.

However, the MACD conditions aren’t supporting rebound, which in turn challenge the buyers until the quote crosses a six-week-long resistance line, near 1.2780 by the press time.

During the rise, the 1.2750 level may act as an intermediate halt whereas January’s peak surrounding 1.2815 will act as an extra filter to the north.

On the contrary, a downside break of the stated immediate support line, near 1.2670, isn’t a green card for the USD/CAD sellers as a convergence of the 100-DMA and 50% Fibonacci retracement (Fibo.) of October-December 2021 upside will be a tough nut to crack for the pair bears around 1.2625.

Also acting as strong downside support is the 61.8% Fibo. and the 200-DMA, respectively around 1.2545 and 1.2538 by the press time.

USD/CAD: Daily chart

Trend: Sideways

Additional important levels

Overview
Today last price	1.2691
Today Daily Change	-0.0040
Today Daily Change %	-0.31%
Today daily open	1.2731

Trends
Daily SMA20	1.2677
Daily SMA50	1.2708
Daily SMA100	1.2625
Daily SMA200	1.2533

Levels
Previous Daily High	1.2775
Previous Daily Low	1.2701
Previous Weekly High	1.2756
Previous Weekly Low	1.2636
Previous Monthly High	1.2814
Previous Monthly Low	1.2451
Daily Fibonacci 38.2%	1.2729
Daily Fibonacci 61.8%	1.2747
Daily Pivot Point S1	1.2696
Daily Pivot Point S2	1.2662
Daily Pivot Point S3	1.2623
Daily Pivot Point R1	1.277
Daily Pivot Point R2	1.2809
Daily Pivot Point R3	1.2844

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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