USD/CAD Price Analysis: Buyers poke key hurdle to the north around 1.3600

USD/CAD struggles to extend three-day uptrend near the highest levels in three weeks.
Break of two-month-old horizontal support, bearish MACD signals favor buyers.
50-DMA, seven-week-long descending trend line restrict immediate upside.

Anil Panchal FXStreet

USD/CAD remains sidelined around 1.3585-90, recently picking up bids, as traders struggle with the key hurdle during early Wednesday morning in Asia. In doing so, the Loonie pair probes the three-day uptrend around a multi-day top marked the previous day.

Even so, the USD/CAD pair’s sustained trading beyond the previous key resistances and the 100-DMA joins the bullish MACD signals to keep the buyers hopeful.

That said, a downward-sloping trend line from October 13 and the 50-DMA restrict immediate USD/CAD moves between 1.3600 and 1.3580, a break of which could quickly propel the quote towards the monthly top near 1.3810.

However, multiple hurdles around 1.3840 and 1.3860 could challenge the USD/CAD bulls past 1.3810, which if ignored will highlight the yearly top marked in October surrounding 1.3980.

Alternatively, pullback moves remain elusive unless the quote stays beyond the horizontal support established since early October, near 1.3490 by the press time.

Following that, an upward-sloping trend line from August 11, currently at 1.3340, will precede the 100-DMA support of 1.3287 to challenge the USD/CAD bears.

Overall, USD/CAD is likely to remain firmer but the road to the north appears bumpy.

USD/CAD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.3592
Today Daily Change	0.0089
Today Daily Change %	0.66%
Today daily open	1.3503

Trends
Daily SMA20	1.3432
Daily SMA50	1.3574
Daily SMA100	1.3276
Daily SMA200	1.3015

Levels
Previous Daily High	1.3505
Previous Daily Low	1.3381
Previous Weekly High	1.3495
Previous Weekly Low	1.3316
Previous Monthly High	1.3978
Previous Monthly Low	1.3496
Daily Fibonacci 38.2%	1.3458
Daily Fibonacci 61.8%	1.3428
Daily Pivot Point S1	1.3421
Daily Pivot Point S2	1.334
Daily Pivot Point S3	1.3298
Daily Pivot Point R1	1.3545
Daily Pivot Point R2	1.3586
Daily Pivot Point R3	1.3668

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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