USD/CAD Price Analysis: Bulls remain unconvinced below 1.2865

USD/CAD struggles to defend the bounce from weekly low around 10-DMA.
Steady Momentum line, clear break of two-week-old rising trend line favor sellers.
Bulls may aim for monthly resistance line beyond 1.2865.

Anil Panchal FXStreet

USD/CAD snaps a two-day pullback from the yearly top, up 0.09% intraday despite recently easing to 1.2840 ahead of Thursday’s European session.

Although 10-DMA challenges the Loonie pair’s immediate downside, a sustained break of the ascending trend line from December 08 keeps the USD/CAD sellers hopeful amid a steady Momentum line.

Even if the quote rises past the nearby support-turned-resistance line close to 1.2865, the 1.2900 threshold and the latest peak of 1.2965 may lure the bulls ahead of an ascending resistance line from November 30, near the 1.3000 psychological magnet.

Alternatively, the quote’s fresh weakness will aim for November 23 swing high near 1.2745 before targeting the six-week-old support line near 1.2730.

In a case where USD/CAD bears keep reins past 1.2730, a two-month-long support line, close to 1.2600 will be crucial to watch.

USD/CAD: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.2843
Today Daily Change	0.0010
Today Daily Change %	0.08%
Today daily open	1.2833

Trends
Daily SMA20	1.279
Daily SMA50	1.2595
Daily SMA100	1.261
Daily SMA200	1.2491

Levels
Previous Daily High	1.2925
Previous Daily Low	1.2833
Previous Weekly High	1.2937
Previous Weekly Low	1.2706
Previous Monthly High	1.2837
Previous Monthly Low	1.2352
Daily Fibonacci 38.2%	1.2868
Daily Fibonacci 61.8%	1.289
Daily Pivot Point S1	1.2802
Daily Pivot Point S2	1.2771
Daily Pivot Point S3	1.271
Daily Pivot Point R1	1.2894
Daily Pivot Point R2	1.2955
Daily Pivot Point R3	1.2986

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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