USD/CAD Technical Analysis: Bulls continue to show resilience near 1-month-old ascending trend-channel
|• The pair continued showing some resilience below 100-period SMA on the 4-hourly chart and once again managed to regain positive traction from closer to a support marked by one-month-old ascending trend-channel.
• The uptick, however, seemed lacking any strong conviction/follow-through and remained capped below the 1.3200 handle, amid a subdued USD price action and the prevalent strong bullish sentiment around crude oil prices.
• Moreover, technical indicators on the above-mentioned chart have also started drifting into negative territory, albeit remained supportive of the recent upsurge since early Oct. on the daily chart.
• Hence, it would be prudent to wait for a convincing break through the 100-period SMA/ascending trend-channel support before confirming that the pair might have already topped out in the near-term.
USD/CAD 4-hourly chart
USD/CAD
Overview:
Last Price: 1.3175
Daily change: 17 pips
Daily change: 0.129%
Daily Open: 1.3158
Trends:
Daily SMA20: 1.314
Daily SMA50: 1.3045
Daily SMA100: 1.3067
Daily SMA200: 1.2967
Levels:
Daily High: 1.3191
Daily Low: 1.3127
Weekly High: 1.3264
Weekly Low: 1.3127
Monthly High: 1.3172
Monthly Low: 1.2783
Daily Fibonacci 38.2%: 1.3151
Daily Fibonacci 61.8%: 1.3167
Daily Pivot Point S1: 1.3126
Daily Pivot Point S2: 1.3095
Daily Pivot Point S3: 1.3062
Daily Pivot Point R1: 1.319
Daily Pivot Point R2: 1.3222
Daily Pivot Point R3: 1.3254
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