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- USD/CAD Price Analysis: On the back foot towards 1.2500 short-term key support
USD/CAD Price Analysis: On the back foot towards 1.2500 short-term key support
- USD/CAD holds lower grounds after a negative start to the week.
- Weekly support line, 200-DMA test bears before ascending trend line from June.
- Bulls need to cross 200-SMA on 4H to retake the control.
- Receding bullish bias of MACD hints at further weakness of the pair.
USD/CAD fades bounce off 200-DMA while retreating to 1.2517 during the initial Asian session on Tuesday.
The loonie pair dropped during the previous day while extending Friday’s U-turn from 1.2570. However, an upward sloping support line from January 13 and the 200-DMA restrict the quote’s short-term declines around 1.2500 threshold.
Even so, receding bullish bias of the MACD on the four-hour (4H) chart and downbeat RSI on the daily play hints at the quote’s further weakness.
That said, a clear downside break of the 1.2500 round figure will direct the USD/CAD sellers towards an ascending support line from June, near 1.2455 by the press time.
In a case where USD/CAD drops below 1.2455, it becomes vulnerable to test October’s low of 1.2300.
USD/CAD: Daily chart
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On the contrary, a descending resistance line from January 07, around 1.2570, restricts the quote’s immediate upside ahead of the 100-SMA level of 1.2680.
It should be noted, however, that the USD/CAD bulls will remain cautious until the quote stays below the monthly resistance line and 200-SMA, respectively around 1.2705 and 1.2740.
USD/CAD: Four-hour chart
Trend: Further weakness expected
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