USD/CAD Price Analysis: 21-day SMA guards immediate upside below 1.3600
- USD/CAD remains in the range between 1.3565 and 1.3590 since Thursday.
- A three-week-old falling trend line adds to the upside barriers.
- 38.2% Fibonacci retracement offers immediate support ahead of 200-day SMA.
USD/CAD stays sluggish around 1.3580 during the early Asian session on Monday. Despite its latest efforts to cross 21-day SMA, the loonie pair has been trading in a 25-pips area off-late.
As a result, the sellers may target 38.2% Fibonacci retracement of June month’s upside, near 1.3560 as immediate support. However, a confluence of 50% Fibonacci retracement and 200-day SMA, around 1.3515/10, could restrict the pair’s further weakness.
In a case where the bears sneak in to drag the quote below 1.3500 mark, 61.8% Fibonacci retracement level of 1.3468 will be on their radars.
Alternatively, a clear break above 21-day SMA level of 1.3587 won’t open the doors for the bulls as a downward sloping trend line from June 26, close to 1.3620, becomes the tough nut to crack.
USD/CAD daily chart
Trend: Sideways
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.