USD/CAD Price Analysis: Immediate falling channel tames pullback near 1.3400

USD/CAD fails to extend U-turn from 1.3351 beyond 1.3417.
Bullish MACD raises fears of the channel break and attack to 200-HMA.
An eight-day-old falling trend line adds to the upside barrier.
June low becomes the key support holding gates for 1.3200.

Anil Panchal FXStreet

USD/CAD seesaws near 1.3400 during the early Friday’s Asian session. The loonie pair bounced off six-week low the previous day but failed to cross a downward sloping trend channel from July 21.

While MACD suggests the quote’s another confrontation to the 1.3410 resistance, there are multiple key upside barriers, like 200-HMA and a falling trend line from July 14, that could keep the bears hopeful.

Other than the 200-HMA level of 1.3522 and the said resistance line near 1.3555, July 16 lows around 1.3500 will also challenge the buyers during the pair’s rise past-1.3410.

On the contrary, 1.3370 and the channel’s support around 1.3340 can please the sellers ahead of diverting them to June month’s low near 1.3315.

Should the USD/CAD prices remain weak below 1.3315, also slip under 1.3300 mark, February 2020 bottom surrounding 1.3200 could gain the market attention.

USD/CAD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.3402
Today Daily Change	-8 pips
Today Daily Change %	-0.06%
Today daily open	1.341

Trends
Daily SMA20	1.3558
Daily SMA50	1.3625
Daily SMA100	1.3842
Daily SMA200	1.3515

Levels
Previous Daily High	1.3428
Previous Daily Low	1.3352
Previous Weekly High	1.3646
Previous Weekly Low	1.3502
Previous Monthly High	1.3802
Previous Monthly Low	1.3316
Daily Fibonacci 38.2%	1.3432
Daily Fibonacci 61.8%	1.3451
Daily Pivot Point S1	1.3365
Daily Pivot Point S2	1.332
Daily Pivot Point S3	1.3289
Daily Pivot Point R1	1.3441
Daily Pivot Point R2	1.3473
Daily Pivot Point R3	1.3518

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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