USD/CAD Price Analysis: Bulls attack 1.3200 after breaking immediate resistance line


  • USD/CAD battles pullback from 1.3193 to justify the upside break of 1.3175/80 previous resistance area.
  • Bulls aim for a two-week-old falling trend line, sellers will look for entry below key HMAs.
  • Strong RSI conditions, sustained break of short-term key upside hurdle, now support confluence, favor the buyers.

USD/CAD picks up the bids near 1.3190 during the early Tuesday morning in Asia. In doing so, the pair keeps Monday’s upside break of the key resistance area surrounding 1.3175/80, comprising 100 and 200-HMA as well as a falling trend line from October 15, amid strong RSI conditions.

Considering the successful break of the key short-term resistance and the RSI levels, buyers are looking for clearance of the 1.3200 threshold while aiming for another resistance line, at 1.3230 now.

Also likely to challenge the pair bulls are the 50% and 61.8% Fibonacci retracements of October 07-13 downside, respectively around 1.3220 and 1.3250.

Meanwhile, USD/CAD sellers’ entry below 1.3175 will find multiple supports between 1.3150 and 1.3145 that hold the gate for the quote’s further weakness towards the monthly low near the 1.3100 round-figure.

During the pair’s extend south-run past-1.3100, the previous month’s low around the 1.3000 psychological magnet will be crucial to watch.

USD/CAD hourly chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 1.3189
Today Daily Change 0.0000
Today Daily Change % -0.00%
Today daily open 1.3189
 
Trends
Daily SMA20 1.3269
Daily SMA50 1.3212
Daily SMA100 1.3359
Daily SMA200 1.3539
 
Levels
Previous Daily High 1.3238
Previous Daily Low 1.3177
Previous Weekly High 1.326
Previous Weekly Low 1.3099
Previous Monthly High 1.3421
Previous Monthly Low 1.2994
Daily Fibonacci 38.2% 1.32
Daily Fibonacci 61.8% 1.3215
Daily Pivot Point S1 1.3165
Daily Pivot Point S2 1.3141
Daily Pivot Point S3 1.3104
Daily Pivot Point R1 1.3225
Daily Pivot Point R2 1.3262
Daily Pivot Point R3 1.3286

 

 

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