USD/CAD Price Analysis: Bounces off 200-EMA as bulls eye 1.3450

• USD/CAD picks up bids to refresh intraday high, prints the first daily gains in four.
• Bearish MACD signals, “double top” formation keeps Loonie pair sellers hopeful.
• Multiple hurdles to challenge buyers, 1.3800 is the key upside hurdle.

USD/CAD recovers from the key Exponential Moving Average (EMA) while snapping a three-day downtrend near 1.3440 heading into Monday’s European session. In doing so, the Loonie pair renews its intraday high while bouncing off the lowest levels in three weeks.

It’s worth noting that the quote’s recovery fails to justify bearish MACD signals and hence suggests limited upside room.

Even so, the USD/CAD pair’s rebound from the 200-EMA, around 1.3420 by the press time, allows the Loonie bears to aim for the 1.3500 threshold.

Following that, the 50% Fibonacci retracement level of the pair’s October-November 2022 downside, near 1.3600, can’t be ruled out.

However, a “double top” bearish chart pattern, with highs surrounding 1.3650-65, appears a tough nut to crack for the USD/CAD bulls.

Even if the Loonie pair defies the bearish formation by crossing the 1.3665 hurdle, a downward-sloping resistance line from late October 2022, close to 1.3800 by the press time, can challenge the pair buyers before giving them control.

Alternatively, a daily closing below the 200-EMA level of around 1.3420 could quickly drag the USD/CAD price towards a four-month-old upward-sloping support line, near 1.3330, a break of which will refresh the yearly low, currently around 1.3260.

USD/CAD: Daily chart

Trend: Limited recovery expected

ADDITIONAL IMPORTANT LEVELS

OVERVIEW
Today last price	1.3439
Today Daily Change	0.0014
Today Daily Change %	0.10%
Today daily open	1.3425

TRENDS
Daily SMA20	1.3505
Daily SMA50	1.3507
Daily SMA100	1.3518
Daily SMA200	1.3507

LEVELS
Previous Daily High	1.3452
Previous Daily Low	1.3407
Previous Weekly High	1.3651
Previous Weekly Low	1.3407
Previous Monthly High	1.3655
Previous Monthly Low	1.3315
Daily Fibonacci 38.2%	1.3424
Daily Fibonacci 61.8%	1.3435
Daily Pivot Point S1	1.3404
Daily Pivot Point S2	1.3383
Daily Pivot Point S3	1.3358
Daily Pivot Point R1	1.345
Daily Pivot Point R2	1.3474
Daily Pivot Point R3	1.3495