USD/CAD Price Analysis: All eyes on last week’s “double tops” above 1.3400


  • USD/CAD bounces off a confluence of 21 and 50-HMA.
  • Bulls can probe late July month’s low on the upside break of the “double tops”.
  • Sellers will witness multiple support lines below the SMA confluence.

USD/CAD takes the bids near 1.3400, up 0.07% on a day, during Monday’s Asian session. The loonie pair recently took a U-turn from 21 and 50-HMA confluence, which in turn takes clues from MACD to challenge the previous week’s highs marked on Thursday and Friday.

Considering the strength of the bullish momentum, not to forget strong downside supports, the quote is likely to break 1.3418/20 resistance and aim for July 30 top near 1.3460.

However, USD/CAD upside past-1.3460 will be questioned by the June 23 low of 1.3485 and the 1.3500 threshold.

On the contrary, a downside break of the aforementioned HMAs near 1.3380/85 will take a rest on the upward sloping trend line from September 22, at 1.3350 now.

In a case where USD/CAD prices slip below 1.3350, another support line from September 18, currently around 1.3310, will be the key.

USD/CAD hourly chart

Trend: Bullish

Additional important levels

Overview
Today last price 1.3398
Today Daily Change 10 pips
Today Daily Change % 0.07%
Today daily open 1.3388
 
Trends
Daily SMA20 1.3193
Daily SMA50 1.3255
Daily SMA100 1.3465
Daily SMA200 1.3525
 
Levels
Previous Daily High 1.3418
Previous Daily Low 1.3336
Previous Weekly High 1.3418
Previous Weekly Low 1.3171
Previous Monthly High 1.3451
Previous Monthly Low 1.302
Daily Fibonacci 38.2% 1.3387
Daily Fibonacci 61.8% 1.3367
Daily Pivot Point S1 1.3343
Daily Pivot Point S2 1.3298
Daily Pivot Point S3 1.326
Daily Pivot Point R1 1.3426
Daily Pivot Point R2 1.3463
Daily Pivot Point R3 1.3508

 

 

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