USD/CAD Price Analysis: Bulls pierce multi-month resistance, setting their sights on 1.3500

USD/CAD climbs, bolstered by elevated US Treasury bond yields, aiming for a daily close above 1.3450.
The USD/CAD bearish bias will resume below 1.3400, as sellers would eye the 200-DMA.

Christian Borjon Valencia FXStreet

USD/CAD climbs in the mid-North American session and tests a six-month-old resistance trendline that passes at around 1.3440. Though the USD/CAD bias remains neutral-to-downward biased, it could shift neutral if the pair reclaims the 100-day Exponential Moving Average (EMA). At the time of writing, the USD/CAD is trading at 1.3444 after reaching a low of 1.3384.

USD/CAD Price Action

Given the backdrop, the USD/CAD could continue to rally and test the 20-day EMA at 1.3483 in the near term, which will immediately expose the 100-day EMA at 1.3500. Once that psychological resistance level is cleared, the bias shifts to neutral. A breach of the latter and the USD/CAD can test the 50-day EMA at 1.3525 before aiming for the 1.3600 figure.

Conversely, a USD/CAD bearish resumption will happen if the latest leg-up struggles to crack 1.3450. If that scenario plays out, coupled with the Relative Strength Index (RSI) staying in bearish territory, the USD/CAD could re-test 1.3400, followed by the 200-day EMA at 1.3378. A break below will turn the USD/CAD pair bearish and open the door to test the YTD low at 1.3262.

USD/CAD Daily Chart

USD/CAD

Overview
Today last price	1.3446
Today Daily Change	0.0056
Today Daily Change %	0.42
Today daily open	1.339

Trends
Daily SMA20	1.3515
Daily SMA50	1.3562
Daily SMA100	1.3528
Daily SMA200	1.3405

Levels
Previous Daily High	1.34
Previous Daily Low	1.336
Previous Weekly High	1.3554
Previous Weekly Low	1.3301
Previous Monthly High	1.3862
Previous Monthly Low	1.3508
Daily Fibonacci 38.2%	1.3375
Daily Fibonacci 61.8%	1.3384
Daily Pivot Point S1	1.3367
Daily Pivot Point S2	1.3343
Daily Pivot Point S3	1.3327
Daily Pivot Point R1	1.3406
Daily Pivot Point R2	1.3423
Daily Pivot Point R3	1.3446

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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