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23 May 2022

USD/CAD Price Analysis: Remains pressured around 1.2800 as bears approach monthly support

  • USD/CAD extends the previous day’s pullback from 21-DMA, taking rounds to two-week low.
  • Bearish MACD signals, descending RSI line direct sellers towards monthly support.
  • Convergence of the 50-DMA, 100-DMA appears a tough nut to crack for bears.

USD/CAD stays on the back foot around the intraday low, surrounding a fortnight bottom, as bears cheer Friday’s pullback from the 21-DMA heading into Monday’s European session. That said, the Loonie pair drops to 1.2800 by the press time.

In addition to the sustained trading below 1.2800, bearish MACD signals and downward sloping RSI (14) line also keeps USD/CAD bears hopeful to revisit an ascending support line from April 26, around 1.2760 at the latest.

It’s worth noting, however, that the pair’s weakness past 1.2760 appears elusive as the 50-DMA and the 100-DMA will challenge the sellers around the 1.2700-2690 area.

Also acting as a downside filter is the 61.8% Fibonacci retracement (Fibo.) of April-May upside, around 1.2650.

Meanwhile, recovery moves need to cross the 21-DMA hurdle surrounding 1.2870 to recall the USD/CAD buyers.

Following that, an upward trajectory towards a 23.6% Fibo level near 1.2915 can’t be ruled out.

However, the 1.3000 psychological magnet may test USD/CAD bulls ahead of directing them towards the monthly peak of 1.3076.

USD/CAD: Daily chart

Trend: Further weakness expected

 

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