USD/CAD Price Analysis: Bullish flag on 1H keeps buyers hopeful below 1.3100

USD/CAD trims early-Asian losses while battling the 200-HMA.
RSI recovery suggests further upside, buyers await confirmation of the bullish pattern.
Key Fibonacci retracements add to the support, 100-HMA offers an extra filter to the north.

Anil Panchal FXStreet

USD/CAD picks up bids near 1.3077 during the pre-European session open trading on Tuesday. In doing so, the pair nurses the intraday losses, currently around 0.15%, while probing a two-day-old falling channel, part of the bullish flag chart play on the hourly (1H) formation.

Considering the RSI line that gradually recovers from nearly oversold conditions, the USD/CAD corrective pullback is likely to confirm the bullish flag with an upside break of 1.3080. However, 100-HMA near 1.3100 becomes an additional burden for the pair’s to clear.

Should there be a sustained rise past-1.3100, Friday’s peak near 1.3172 will become the USD/CAD bulls’ favorite.

On the contrary, 50% Fibonacci retracement of November 09-13 upside, close to 1.3050, becomes the nearby support to watch during the fresh pullback.

Though, any further downside past-1.3050 will be capped by the stated pattern’s support line, at 1.3032 now.

If at all the bears dominate past-1.3032, the 61.8% Fibonacci retracement level of 1.3020 and the 1.3000 round-figure become the key to watch.

USD/CAD hourly chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	1.3077
Today Daily Change	-17 pips
Today Daily Change %	-0.13%
Today daily open	1.3094

Trends
Daily SMA20	1.315
Daily SMA50	1.3205
Daily SMA100	1.3276
Daily SMA200	1.3537

Levels
Previous Daily High	1.3142
Previous Daily Low	1.3066
Previous Weekly High	1.3173
Previous Weekly Low	1.2928
Previous Monthly High	1.339
Previous Monthly Low	1.3081
Daily Fibonacci 38.2%	1.3095
Daily Fibonacci 61.8%	1.3113
Daily Pivot Point S1	1.3059
Daily Pivot Point S2	1.3025
Daily Pivot Point S3	1.2983
Daily Pivot Point R1	1.3135
Daily Pivot Point R2	1.3176
Daily Pivot Point R3	1.3211

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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