USD/CAD bears catch a breather around the 11-week low. Sustained break of 50% Fibonacci retracement, bearish MACD favor sellers. A two-month-old falling channel’s resistance questions the bulls. USD/CAD consolidates losses from multi-day low while taking rounds to 1.3780/85 during the pre-European session on Wednesday. The Loonie pair dropped to the lowest since March 12 the previous day but fails to extend declines below 100-day EMA afterward. Even so, sellers cheer the pair’s break below 50% Fibonacci retracement of its upside from December 31, 2019, to March 19, 2020, amid bearish MACD. As a result, USD/CAD is likely to remain pressured towards the short-term channel’s support line, at 1.3690. However, its further downside will be challenged by 61.8% Fibonacci retracement level of 1.3605 and 200-day EMA around 1.3580. Alternatively, the pair’s pullback moves beyond 1.3810 immediate resistance could aim for 1.4000 and the previous week’s top near 1.4050 during further recovery. It should, however, be noted that the said channel’s resistance line, at 1.4130 now, will still be the key resistance to watch for buyers. USD/CAD daily 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 China expands scope of Hong Kong security legislation – Reuters FX Street 3 years USD/CAD bears catch a breather around the 11-week low. Sustained break of 50% Fibonacci retracement, bearish MACD favor sellers. A two-month-old falling channel’s resistance questions the bulls. USD/CAD consolidates losses from multi-day low while taking rounds to 1.3780/85 during the pre-European session on Wednesday. The Loonie pair dropped to the lowest since March 12 the previous day but fails to extend declines below 100-day EMA afterward. Even so, sellers cheer the pair’s break below 50% Fibonacci retracement of its upside from December 31, 2019, to March 19, 2020, amid bearish MACD. As a result, USD/CAD is likely to remain pressured… 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.
