USD/CAD Price Analysis: Bulls in control near session tops, around 1.4100 mark

  • USD/CAD managed to attract some dip-buying near 200-hour SMA.
  • The set-up supports prospects for a move back towards weekly tops.

The USD/CAD pair showed some resilience near 200-hour SMA and managed to attract some dip-buying on Wednesday. The intraday uptick picked up additional pace during the early North-American session and lifted the pair to fresh daily tops, further beyond the 1.4100 mark.

A sustained move beyond a three-day-old descending trend-channel hurdle, around the 1.4050 region, was seen as a key trigger for bullish traders. The momentum was further fueled by the prevalent strong bid tone surrounding the USD and a fresh leg down in crude oil prices.

Meanwhile, bullish technical indicators on hourly/daily charts remained supportive of the positive move and favour prospects for a further near-term appreciating move. Hence, some follow-through strength, back towards weekly tops around mid-1.4100s, now looks a distinct possibility.

On the flip side, any meaningful pullback below the 1.4100 mark now seems to find some support near the 1.4070 area, followed by 100-hour SMA around the 1.4040 region. However, the key support is pegged near the 1.4020 region (200-hour SMA), which if broken, might negate the constructive outlook.

The pair might then turn vulnerable to break below the key 1.40 psychological mark and accelerate the slide further towards the trend-channel support, currently near the 1.3975-70 region. Some follow-through selling would pave the way for a further near-term depreciating move.

USD/CAD 1-hourly chart


Technical levels to watch


Today last price 1.4108
Today Daily Change 0.0057
Today Daily Change % 0.41
Today daily open 1.4051
Daily SMA20 1.4035
Daily SMA50 1.3966
Daily SMA100 1.3559
Daily SMA200 1.3396
Previous Daily High 1.4095
Previous Daily Low 1.4008
Previous Weekly High 1.4117
Previous Weekly Low 1.385
Previous Monthly High 1.4299
Previous Monthly Low 1.385
Daily Fibonacci 38.2% 1.4041
Daily Fibonacci 61.8% 1.4062
Daily Pivot Point S1 1.4008
Daily Pivot Point S2 1.3964
Daily Pivot Point S3 1.3921
Daily Pivot Point R1 1.4095
Daily Pivot Point R2 1.4138
Daily Pivot Point R3 1.4182



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