USD/CAD 1.3200 area becomes a difficult obstacle against bulls

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The eight-week descending trend line and the 61.8% Fibonacci retracement levels are limiting the pair's incline in the near term.

A sustained breakout of the 50-day SMA will push the price up to the 100-day SMA.

The top of the early month could challenge the sellers in the event of a pullback.

USD/CAD rises USD/CAD to the 1.3160 ​​area as it heads towards the European open on Monday. The pair recently breached the 50-day SMA for the first time since early December. With this said, prices are likely to face the levels of the 100-day simple moving average.

However, the confluence of the multi-week resistance line from December 3 and the 61.8% Fibonacci retracement levels of the pair's September 2019 to January 1 decline could challenge the bulls around the 1.3200 area.

In case buyers focus more on MACD signals MACD Bullish and above 1.3200 on a daily closing basis, December highs near 1.3320 will reappear on the charts.

Alternatively, the 50-day SMA and the 50% Fibonacci retracement levels could limit the pair's declines at the moment near the 1.3145/40 region, which if broken could push prices lower towards the Jan 9 high near the From the 1.3105 area.

If the pair drops below 1.3105 and also below 1.3100, activating stop-loss around 1.3080 could lead the bears to target 1.3030 and the psychological barrier of 1.3000.

USD/CAD pair USD/CADdaily chart

USD/CAD 1.3200 area becomes a difficult obstacle against bulls

direction: expected decline


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