USD/CAD drops to a three-week low, also below 4H 200MA. Bearish MACD highlights 50% Fibonacci retracement as next support. With the clear break below the key moving average (MA), USD/CAD takes the rounds to three-week low while trading near 1.3225 amid initial Asian session on Thursday. Pair’s sustained trading below 200-bar simple moving average on the four-hour chart (4H 200MA) and bearish signal by 12-bar moving average convergence and divergence (MACD) favor further downside to 50% Fibonacci retracement of July month swing low to current month swing high, around 1.3200. Although prices are less likely to decline below 1.3200 mark, mainly due to expected pullback after a heavy downpour, 61.8% Fibonacci retracement level of 1.3156 and July 19 top surrounding 1.3110 could please sellers during additional south-run. In a case where the quote takes a U-turn and pierces 4H 200MA level of 1.3250, the pullback can take aim at 1.3300/3295 area including 100-bar moving average (4H 100MA) and 23.6% Fibonacci retracement level. It should additionally be noted that pair’s run-up beyond 1.3300 enables it to confront multiple resistances around 1.3245/50 in order to flash fresh monthly top beyond the recently registered 1.3384. USD/CAD 4-hour 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 Trade wars: U.S. Commerce Department said that it imposed duties on Chinese steel FX Street 4 years USD/CAD drops to a three-week low, also below 4H 200MA. Bearish MACD highlights 50% Fibonacci retracement as next support. With the clear break below the key moving average (MA), USD/CAD takes the rounds to three-week low while trading near 1.3225 amid initial Asian session on Thursday. Pair's sustained trading below 200-bar simple moving average on the four-hour chart (4H 200MA) and bearish signal by 12-bar moving average convergence and divergence (MACD) favor further downside to 50% Fibonacci retracement of July month swing low to current month swing high, around 1.3200. Although prices are less likely to decline below 1.3200 mark,… 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.
