USD/CAD Price Analysis: Bulls run out of steam at one-month high around 1.3650

USD/CAD struggles to defend upside momentum at the highest levels in a month.
Overbought RSI (14) line challenges Loonie pair buyers inside two-week-old bullish channel.
Descending trend line from early March, 200-SMA are extra trading filters to watch amid likely pullback in price.

Anil Panchal FXStreet

USD/CAD treads water around the highest levels since late March, making rounds to 1.3640 amid early Thursday morning in Europe. In doing so, the Loonie pair justifies overbought conditions of the RSI (14) line. However, a fortnight-long bullish channel and sustained trading beyond the 200-SMA keeps the Canadian Dollar (CAD) bears hopeful.

With this, the quote’s pullback towards the 1.3600 round figure appears imminent. However, the aforementioned channel’s bottom line, close to 1.3595, could challenge the pair sellers afterward.

Even if the USD/CAD bears manage to defy the bullish chart formation by a downside break of 1.3595 support, the 200-SMA level of 1.3560 puts a floor under the prices.

On the flip side, a six-week-long descending resistance line, close to 1.3675 at the latest, restricts the immediate upside of the USD/CAD.

Following that, the short-term rising channel’s top line, near 1.3690 by the press time, can check the Loonie pair buyers before directing them to the late March high surrounding 1.3800.

In a case where the USD/CAD bulls occupy the driver’s seat beyond 1.3800, the yearly top marked in the last month around 1.3860 will be in the spotlight.

Overall, USD/CAD is likely to remain firmer but a short-term pullback can’t be ruled out.

USD/CAD: Four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.3637
Today Daily Change	0.0001
Today Daily Change %	0.01%
Today daily open	1.3636

Trends
Daily SMA20	1.3479
Daily SMA50	1.3581
Daily SMA100	1.3528
Daily SMA200	1.3422

Levels
Previous Daily High	1.3651
Previous Daily Low	1.3599
Previous Weekly High	1.3563
Previous Weekly Low	1.3343
Previous Monthly High	1.3862
Previous Monthly Low	1.3508
Daily Fibonacci 38.2%	1.3631
Daily Fibonacci 61.8%	1.3619
Daily Pivot Point S1	1.3607
Daily Pivot Point S2	1.3577
Daily Pivot Point S3	1.3555
Daily Pivot Point R1	1.3658
Daily Pivot Point R2	1.3681
Daily Pivot Point R3	1.371

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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