- USD/CAD struggles at the 20-day EMA and tumbles towards the 1.3530 area.
- USD/CAD Price Analysis: Oscillators offering mixed signals, but price action stalling at crucial EMAs to keep the pair rangebound.
The USD/CAD advance stalled at the 20-day Exponential Moving Average (EMA) at 1.3570 and dropped toward the 50-day EMA as the US Dollar (USD) weakened, while crude oil extended its recovery, a tailwind for the Canadian Dollar (CAD). At the time of writing, the USD/CAD is trading at 1.3530.
USD/CAD Price Analysis: Technical outlook
From a daily chart perspective, the USD/CAD dropped to fresh two-day lows but shy of the weekly low of 1.3484. During the last five trading days, the 20-day Exponential Moving Average (EMA), around 1.3570, capped the USD/CAD recovery towards the 1.3700 figure. And since mid-December, the USD/CAD embarked on successive series of lower highs/lows as the major consolidated ahead of the year’s end.
The Relative Strength Index (RSI), at bearish territory, keeps USD/CAD sellers hopeful for further downside, while the Rate of Change (RoC), suggests selling pressure is waning. Therefore, unless the USD/CAD decisively breaks below 1.3484, that could open the door for further losses. The next support would be the 100-day EMA at 1.3416, ahead of the 1.3400 figure, and the 200-day EMA at 1.3215.
As an alternative scenario, the USD/CAD first resistance would be the 20-day EMA at 1.3570. Once cleared, the next resistance would be 1.3600, followed by the 1.3700 mark.
USD/CAD Key Technical Levels
|Today last price||1.353|
|Today Daily Change||-0.0013|
|Today Daily Change %||-0.10|
|Today daily open||1.3543|
|Previous Daily High||1.3611|
|Previous Daily Low||1.3538|
|Previous Weekly High||1.3704|
|Previous Weekly Low||1.3563|
|Previous Monthly High||1.3808|
|Previous Monthly Low||1.3226|
|Daily Fibonacci 38.2%||1.3566|
|Daily Fibonacci 61.8%||1.3583|
|Daily Pivot Point S1||1.3517|
|Daily Pivot Point S2||1.3491|
|Daily Pivot Point S3||1.3444|
|Daily Pivot Point R1||1.359|
|Daily Pivot Point R2||1.3637|
|Daily Pivot Point R3||1.3663|
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