USD/CAD Price Analysis: Struggles to keep the bounce off 21-day SMA

• USD/CAD remains mildly offered between 1.3192 and 1.3208.
• Bullish MACD, repeated pullbacks from 21-day SMA favor the buyers.
• Sellers will have multiple downside barriers before refreshing the monthly low.

USD/CAD stays heavy around 1.3193 during Monday’s Asian session. In doing so, the loonie pair fails to extend Friday’s gains from the 21-day SMA despite bullish MACD signals.

As a result, sellers are likely to have limited space, until the mentioned level of 1.3146, before stepping backward.

However, a daily close below the immediate SMA can direct USD/CAD sellers towards 1.3100 and 1.3050/45 supports before highlighting the monthly bottom near 1.2995.

On the flip side, the monthly top surrounding 1.3260 can entertain buyers during the fresh rise but a confluence of 50-day SMA and 38.2% Fibonacci retracement of June-September downside, close to 1.3270, may challenge the bulls afterward.

If at all the buyers manage to conquer 1.3270, the July month’s low surrounding 1.3330 will be in the spotlight.

USD/CAD daily chart

Trend: Pullback expected