USD/CAD Price Analysis: 100-day SMA guards immediate upside

USD/CAD retraces from the monthly high of 1.3389, marked on Thursday.
Failures to cross the key resistance line, SMA can recall the mid-October top.
200-day SMA offers an extra filter to the north-run.

Anil Panchal FXStreet

USD/CAD consolidates from the fresh high of the month, flashed the previous day, while easing to 1.3321 during the pre-Tokyo open Asian trading on Friday.

Despite registering the fresh high of the month yesterday, USD/CAD failed to provide a daily close beyond a falling trend line from July 30 as well as the 100-day SMA.

As a result, a pullback in the USD/CAD prices towards October 15 top near 1.3260 can be expected. Though, the 1.3200 round-figure and 1.3180 can challenge the quote’s further downside ahead of directing the bears to the 1.3081 level portraying the month’s low.

Meanwhile, a clear break above the 100-day SMA level of 1.3330 can mark another attempt to cross the multi-day-old resistance line, at 1.3400 now.

In that case, the July-end top of 1.3459 and 1.3545 mark including 200-day SMA will be on the USD/CAD buyers’ radar.

USD/CAD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.3326
Today Daily Change	2 pips
Today Daily Change %	0.02%
Today daily open	1.3324

Trends
Daily SMA20	1.32
Daily SMA50	1.3201
Daily SMA100	1.3337
Daily SMA200	1.3544

Levels
Previous Daily High	1.3334
Previous Daily Low	1.318
Previous Weekly High	1.3204
Previous Weekly Low	1.3081
Previous Monthly High	1.3421
Previous Monthly Low	1.2994
Daily Fibonacci 38.2%	1.3275
Daily Fibonacci 61.8%	1.3239
Daily Pivot Point S1	1.3224
Daily Pivot Point S2	1.3125
Daily Pivot Point S3	1.307
Daily Pivot Point R1	1.3379
Daily Pivot Point R2	1.3433
Daily Pivot Point R3	1.3533

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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