USD/CAD Price Analysis: Better bid, chipping away at falling trendline

USD/CAD challenges a four-week-long falling trendline hurdle.
Bulls need a break above the Oct.15 high of 1.3260.

Omkar Godbole FXStreet Contributor

The Canadian dollar is losing ground alongside the losses in oil and pushing USD/CAD higher.

The currency pair is currently trading near 1.3155, which is the resistance of the trendline connecting Sept. 30 and Oct.15 highs. However, a move above the diagonal resistance line may not be enough to entice stronger chart-driven buying. That's because several key resistance levels are lined above the trendline hurdle.

For instance, the 50-day moving average (MA) is located at 1.3195, and a lower high is seen at 1.3260 (Oct. 15 high). A daily close above the lower high is needed to confirm a bullish reversal. Alternatively, the Oct.21 low of 1.3081 is the level to beat for the sellers.

Daily chart

Trend: Neutral

Technical levels

USD/CAD

Overview
Today last price	1.3154
Today Daily Change	0.0029
Today Daily Change %	0.22
Today daily open	1.3125

Trends
Daily SMA20	1.3218
Daily SMA50	1.3199
Daily SMA100	1.3342
Daily SMA200	1.3542

Levels
Previous Daily High	1.316
Previous Daily Low	1.3109
Previous Weekly High	1.3204
Previous Weekly Low	1.3081
Previous Monthly High	1.3421
Previous Monthly Low	1.2994
Daily Fibonacci 38.2%	1.3129
Daily Fibonacci 61.8%	1.3141
Daily Pivot Point S1	1.3103
Daily Pivot Point S2	1.3081
Daily Pivot Point S3	1.3052
Daily Pivot Point R1	1.3154
Daily Pivot Point R2	1.3183
Daily Pivot Point R3	1.3205

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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