USD/CAD Price Analysis: Bulls keep the reins around mid-1.3600 with eyes on BOC

USD/CAD seesaws around one-month high ahead of the key Bank of Canada (BOC) Monetary Policy Meeting.
Clear break of previously important resistance line, 50-DMA join bullish MACD signals to favor buyers.
The 1.3300 threshold is the last defense of USD/CAD buyers.

Anil Panchal FXStreet

USD/CAD struggles for clear directions as bulls take a breather after a three-day uptrend, making rounds to the monthly high near 1.3650 during early Wednesday. In doing so, the Loonie pair portrays the trader’s anxiety ahead of the BOC Interest Rate Decision.

Even so, the successful break of the 50-DMA and downward-sloping resistance line from October 13, respectively near 1.3570 and 1.3535, keeps the USD/CAD buyers hopeful.

On the same line could be the bullish MACD signals and the recent failures to welcome bears despite a sluggish session.

That said, November’s high of around 1.3810 lures the short-term USD/CAD bulls before pushing them to confront multiple hurdles near 1.3850.

However, a sustained break of the 1.3850 mark could help the pair to challenge the yearly top marked in October around 1.3980.

On the contrary, pullback moves may initially test the 50-DMA and the resistance-turned-support, close to 1.3570 and 1.3535 in that order.

Following that, a three-week-old ascending trend line near 1.3410 could challenge the USD/CAD bears.

It’s worth noting that a convergence of the 100-DMA and an ascending trend line from late August, around 1.3310-3300 could act as the final defense for the USD/CAD buyers, a break of which will give control to the bears.

Also read: USD/CAD bulls brace for BOC’s interest rate hike amid downbeat oil prices, firmer US Dollar

USD/CAD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.3647
Today Daily Change	-0.0006
Today Daily Change %	-0.04%
Today daily open	1.3653

Trends
Daily SMA20	1.3417
Daily SMA50	1.357
Daily SMA100	1.3308
Daily SMA200	1.3039

Levels
Previous Daily High	1.3676
Previous Daily Low	1.3571
Previous Weekly High	1.3646
Previous Weekly Low	1.3381
Previous Monthly High	1.3808
Previous Monthly Low	1.3226
Daily Fibonacci 38.2%	1.3636
Daily Fibonacci 61.8%	1.3611
Daily Pivot Point S1	1.359
Daily Pivot Point S2	1.3528
Daily Pivot Point S3	1.3485
Daily Pivot Point R1	1.3696
Daily Pivot Point R2	1.3738
Daily Pivot Point R3	1.3801

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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