USD/CAD Price Analysis: Advances to near 1.3560 followed by weekly high

USD/CAD may find an immediate resistance area around the weekly high of 1.3588 and psychological level of 1.3600.
A break above March’s high of 1.3614 could lead the pair to meet the major barrier of 1.3650.
The immediate support appears at 1.3550, followed by the 50-day EMA at 1.3522.

Akhtar Faruqui FXStreet

USD/CAD extends its gains for the second consecutive session, trading higher around 1.3560 during the European session on Friday. The immediate barrier appears at a weekly high of 1.3588, followed by the psychological resistance at 1.3600 level.

A breakthrough above the psychological mark could prompt the USD/CAD pair to test March’s high of 1.3614 to approach the major barrier at the 1.3650 level.

The 14-day Relative Strength Index (RSI) is positioned above 50, suggesting bullish momentum. However, the Moving Average Convergence Divergence (MACD) suggests a tepid momentum.

The MACD line is above the centerline, indicating bullish momentum, but there is divergence below the signal line. Traders may await confirmation from the MACD, a lagging indicator, to determine the direction of the trend.

On the downside, the USD/CAD pair could find immediate support at 1.3550, followed by the 50-day Exponential Moving Average (EMA) at 1.3522 and the 23.6% Fibonacci retracement level of 1.3511.

A break below the latter could exert downward pressure on the USD/CAD pair to surpass the psychological level of 1.3500 to retest the weekly low at 1.3477 level.

USD/CAD: Daily Chart

USD/CAD

Overview
Today last price	1.3564
Today Daily Change	0.0022
Today Daily Change %	0.16
Today daily open	1.3542

Trends
Daily SMA20	1.3539
Daily SMA50	1.3513
Daily SMA100	1.3487
Daily SMA200	1.3503

Levels
Previous Daily High	1.3559
Previous Daily Low	1.3478
Previous Weekly High	1.3614
Previous Weekly Low	1.3525
Previous Monthly High	1.3614
Previous Monthly Low	1.342
Daily Fibonacci 38.2%	1.3528
Daily Fibonacci 61.8%	1.3509
Daily Pivot Point S1	1.3494
Daily Pivot Point S2	1.3445
Daily Pivot Point S3	1.3413
Daily Pivot Point R1	1.3575
Daily Pivot Point R2	1.3608
Daily Pivot Point R3	1.3656

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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