USD/CAD Price Analysis: 1.3105/10 keeps the upside limited


  • USD/CAD stays above 23.6% Fibonacci retracement for over a week.
  • 200-bar SMA, monthly top and December 18 low restrict immediate advances.

USD/CAD takes rounds to 1.3050 while heading into the European session on Friday. In doing so, the pair remains above 23.6% Fibonacci retracement of its gradual decline from December 03 to January 01. However, prices fail to overcome an area including 200-bar SMA, monthly high and December 18 bottom.

In addition to the sustained trading above 23.6% Fibonacci retracement, normal conditions of 14-bar RSI also favor the pair’s another confrontation to 1.3105/10 resistance confluence area.

Should the quote manages to rise beyond 1.3110, 61.8% Fibonacci retracement near 1.3180 keeps the buyers caged before pushing them to 1.3280 horizontal area.

Alternatively, the bears will look for entry below 1.3030, comprising 23.6% Fibonacci retracement.

As a result, 1.3000 and the current month low near 1.2940 could gain sellers’ attention.

USD/CAD four-hour chart

Trend: Sideways

Additinal important levels

Overview
Today last price 1.3049
Today Daily Change 9 pips
Today Daily Change % 0.07%
Today daily open 1.304
 
Trends
Daily SMA20 1.3059
Daily SMA50 1.3163
Daily SMA100 1.3188
Daily SMA200 1.3242
 
Levels
Previous Daily High 1.3057
Previous Daily Low 1.3032
Previous Weekly High 1.3106
Previous Weekly Low 1.2956
Previous Monthly High 1.3322
Previous Monthly Low 1.2951
Daily Fibonacci 38.2% 1.3041
Daily Fibonacci 61.8% 1.3047
Daily Pivot Point S1 1.3029
Daily Pivot Point S2 1.3018
Daily Pivot Point S3 1.3004
Daily Pivot Point R1 1.3054
Daily Pivot Point R2 1.3068
Daily Pivot Point R3 1.3079

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD slides under 1.16 as US Retail Sales smash estimates

EUR/USD is trading under 1.16 after US Retail Sales smashed estimates with 0.7% in September. Treasury yields are rising. The risk-on mood continues to underpin the pair, as the ECB policymaker Wunsch dismisses inflation concerns. 

EUR/USD News

GBP/USD retreats below 1.3750 after US data

GBP/USD has pared some of its gains after US Retail Sales beat estimates, with the core group hitting 0.8% last month. Earlier, investors shrugged off dovish comments from two BOE members. 

GBP/USD News

XAU/USD slumps to $1,770 area on upbeat US data, surging US bond yields

Gold started the last day of the week on the back foot and extended its slide to a fresh daily low of $1,770 in the early trading hours of the American session pressured by the dollar's resilience and surging US Treasury bond yields.

Gold News

Crypto bulls on winning streak pushing for more

Bitcoin price favors bulls reaching $60,000 by the end of this week and onwards to new all-time highs by the end of next week. Ethereum price broke a bearish top line and could hit new all-time highs by next week in tandem with Bitcoin. 

Read more

Why is Tesla going up?

Tesla's (TSLA) stock price has finally pushed higher in a series of steady and sure moves. We had nearly given up on our bullish call with Tesla stock as it kept struggling around the $800 level.

Read more

Forex MAJORS

Cryptocurrencies

Signatures