- USD/CAD is about to moves to flat after being higher for most of the session.
- The news out of the OPEC+ JMMC has help CAD this afternoon.
USD/CAD 30-minute chart
USD/CAD has had a bit of a rollercoaster on Thursday as earlier on the price moved higher and met resistance just ahead of 1.3250. Since then the oil inspired CAD strength has taken USD/CAD down to 1.3185, 65 pips lower from the highs and through the 1.32 figure.
Earlier in the session, it was announced that the OPEC+ JMMC groups decision to give the countries not compliant with the earlier agreement a grace period until the end of December.
This led to an oil price rise and a subsequent fall in USD/CAD. The dollar index is also down on the session around 0.18% with only GBP struggling against the greenback. Looking at the chart now and the internal trendlines have played a big role in price action today. The blue downward sloping line was broken first to the upside and then retested before the move continued. The exact same thing happened with the purple trendline and at the moment the price is retesting the level.
The support area that is in focus next is the orange box near 1.3170. This is the point of the consolidation where the price has reacted the most. The indicators are both bearish. The Relative Strength Index is under 50 and the MACD histogram is red with the signal lines following it under zero.
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Additional levels
USD/CAD
Overview
Today last price1.3183
Today Daily Change0.0005
Today Daily Change %0.04
Today daily open1.3178
Trends
Daily SMA201.3143
Daily SMA501.3294
Daily SMA1001.3516
Daily SMA2001.352
Levels
Previous Daily High1.3201
Previous Daily Low1.3128
Previous Weekly High1.326
Previous Weekly Low1.3053
Previous Monthly High1.3451
Previous Monthly Low1.302
Daily Fibonacci 38.2%1.3155
Daily Fibonacci 61.8%1.3173
Daily Pivot Point S11.3137
Daily Pivot Point S21.3096
Daily Pivot Point S31.3064
Daily Pivot Point R11.321
Daily Pivot Point R21.3242
Daily Pivot Point R31.3283
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