USD/CAD Price Analysis: Refreshes one-week low on the way to 1.2520 support-zone

USD/CAD stands on slippery grounds after declining back below 100-SMA.
Bearish MACD, sustained break of the key SMAs keep sellers hopeful.
Immediate falling trend line, March top add to the upside barriers.

Anil Panchal FXStreet

USD/CAD takes offers around 1.2530, down 0.12% intraday, during early Friday. In doing so, the quote drops to the fresh low since March 23 while extending the downside break of 100-SMA and 200-SMA.

Given the MACD conditions flashing bearish signals, USD/CAD sellers can cheer sustained trading below key SMAs to target a horizontal area comprising multiple levels since March 11, around 1.2520.

Although the strong support area is expected to trigger a bounce, any failures will have another bouncing point of 1.2500 round-figure, a break of which will highlight the 1.2475 and March’s low of 1.2365 for USD/CAD bears.

Meanwhile, corrective pullback beyond the 100-SMA level of 1.2540 will need to cross the downward sloping trend line from Tuesday, around 1.2585.

Some extra challenges for the USD/CAD buyers are 200-SMA and March 30 high, respectively around 1.2590 and 1.2650.

USD/CAD four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.253
Today Daily Change	-17 pips
Today Daily Change %	-0.14%
Today daily open	1.2547

Trends
Daily SMA20	1.2556
Daily SMA50	1.2644
Daily SMA100	1.274
Daily SMA200	1.3014

Levels
Previous Daily High	1.2602
Previous Daily Low	1.2544
Previous Weekly High	1.2629
Previous Weekly Low	1.2473
Previous Monthly High	1.274
Previous Monthly Low	1.2365
Daily Fibonacci 38.2%	1.2566
Daily Fibonacci 61.8%	1.258
Daily Pivot Point S1	1.2526
Daily Pivot Point S2	1.2505
Daily Pivot Point S3	1.2467
Daily Pivot Point R1	1.2585
Daily Pivot Point R2	1.2623
Daily Pivot Point R3	1.2644

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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