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USD/CAD Price Analysis: Bulls cross 100-SMA with eyes on 1.3500

  • USD/CAD takes the bids to renew one-week high on crossing short-term key hurdles, now immediate supports.
  • 100-SMA, one-month-old descending trend line restrict immediate downside amid bullish MACD signals.
  • Overbought RSI conditions suggest pullback from the 1.3500 round figure.
  • 200-SMA acts as additional upside filters, bears need validation from 1.3320.

USD/CAD marches towards the 1.3500 threshold after crossing the short-term key resistances, around 1.3470 during Thursday’s Asian session.

In doing so, the Loonie pair cheers upside break of the one-month-old descending trend line, as well as the 100-SMA, respectively near 1.3465 and 1.3390.

It should be noted that the bullish MACD signals join the resistance breaks to keep USD/CAD buyers hopeful. However, the overbought RSI (14) restricts the quote’s further upside.

As a result, the USD/CAD bulls appear to have a limited upside room, which in turn highlights the 1.3500 round figure as an immediate hurdle ahead of the April 10 swing high of around 1.3555.

Following that, the 200-SMA hurdle of around 1.3595 and the 1.3600 round figure act as the final defense of the USD/CAD bears.

Meanwhile, a downside break of the 1.3390 resistance-turned-support isn’t an open welcome to the USD/CAD bears as an upward-sloping support line from February, close to 1.3320, becomes crucial to conquer for the Loonie pair sellers to retake control.

To sum up, USD/CAD remains on the bull’s radar but the road toward the north is long and bumpy.

USD/CAD: Four-hour chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price1.347
Today Daily Change0.0080
Today Daily Change %0.60%
Today daily open1.339
 
Trends
Daily SMA201.3515
Daily SMA501.3562
Daily SMA1001.3528
Daily SMA2001.3405
 
Levels
Previous Daily High1.34
Previous Daily Low1.336
Previous Weekly High1.3554
Previous Weekly Low1.3301
Previous Monthly High1.3862
Previous Monthly Low1.3508
Daily Fibonacci 38.2%1.3375
Daily Fibonacci 61.8%1.3384
Daily Pivot Point S11.3367
Daily Pivot Point S21.3343
Daily Pivot Point S31.3327
Daily Pivot Point R11.3406
Daily Pivot Point R21.3423
Daily Pivot Point R31.3446

Author

Anil Panchal

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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