USD/CAD Price Analysis: Bulls cheer 21-day EMA break near nine-day high

USD/CAD extends gains after multiple days of trading below 21-day EMA.
50-day EMA, 50% Fibonacci retracement on the bulls' radar.
1.3030 can return to the chart during the pullback.

Anil Panchal FXStreet

USD/CAD takes the bids near 1.3085, the highest in two weeks, during the pre-European session on Wednesday. In doing so, the pair holds on to gains after successfully breaking the 21-day EMA on a daily closing basis the previous day.

The buyers are now aiming the 50-day EMA level of 1.3116 as the immediate resistance ahead of 50% Fibonacci retracement of the pair’s declines from September 2019 to January 01 low, near 1.3145.

In a case where the bulls remain dominant post-1.3145, the 1.3180/85 zone has multiple upside barriers, ahead of the 61.8% of Fibonacci retracement near 1.3200.

On the flip side, sellers will look for entry below the 21-day EMA level of 1.3070 while targeting the 1.3030 support level.

During the quote’s further downside below 1.3030, 1.3000 and 1.2960 can entertain the bears.

USD/CAD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.3085
Today Daily Change	6 pips
Today Daily Change %	0.05%
Today daily open	1.3079

Trends
Daily SMA20	1.3045
Daily SMA50	1.3154
Daily SMA100	1.318
Daily SMA200	1.3237

Levels
Previous Daily High	1.3082
Previous Daily Low	1.3043
Previous Weekly High	1.3081
Previous Weekly Low	1.3031
Previous Monthly High	1.3322
Previous Monthly Low	1.2951
Daily Fibonacci 38.2%	1.3067
Daily Fibonacci 61.8%	1.3058
Daily Pivot Point S1	1.3054
Daily Pivot Point S2	1.3029
Daily Pivot Point S3	1.3015
Daily Pivot Point R1	1.3093
Daily Pivot Point R2	1.3107
Daily Pivot Point R3	1.3132

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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