USD/CAD stays depressed around the lowest in seven months. A clear break of the key SMA, support line favor the bears. 61.8% Fibonacci retracement of 2017-20 upside gains sellers’ immediate attention. Bulls will have to cross a three-year-old trend line for entries. USD/CAD drops to 1.3157, down 0.10% on a day, as markets in Tokyo open for Wednesday’s trading. The loonie pair has been trading southwards since late June and refreshed the lowest since the early-2020 the previous day. The pair’s declines below 200-week SMA and an ascending trend line from February 2018 could be traced as the latest catalysts to please the sellers. Considering the break of key supports, the quote is likely to extend the downside towards 1.3100 round-figures as immediate rest-point before attacking 1.3050 level comprising 61.8% of Fibonacci retracement. During the pair’s further weakness past-1.3050, the 1.3000 psychological magnet and the yearly low near 1.2950 will be the key to watch. On the flip side, June month low near 1.3315 can entertain the buyers during the pair’s pullback, if any, a break of which will escalate the recoveries to an upward sloping trend line from September 2017, at 1.3420 now. USD/CAD weekly chart Trend: Bearish FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY Price Analysis: USD/JPY embarks on near term bullish correction FX Street 2 years USD/CAD stays depressed around the lowest in seven months. A clear break of the key SMA, support line favor the bears. 61.8% Fibonacci retracement of 2017-20 upside gains sellers’ immediate attention. Bulls will have to cross a three-year-old trend line for entries. USD/CAD drops to 1.3157, down 0.10% on a day, as markets in Tokyo open for Wednesday’s trading. The loonie pair has been trading southwards since late June and refreshed the lowest since the early-2020 the previous day. The pair’s declines below 200-week SMA and an ascending trend line from February 2018 could be traced as the latest catalysts… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
