USD/CAD Price Analysis: Daily close above 1.3200 is critical, BOC in focus


  • USD/CAD remains capped by 1.3200 – critical resistance.
  • Daily chart paints a bleak picture amid bearish RSI.
  • Path of least resistance appears to the downside ahead of BOC.

USD/CAD is challenging a critical resistance of 1.3200 in Asian trading this Monday, benefiting from broad-based US dollar recovery and the persistent weakness seen in WTI prices.

The bulls are awaiting a daily close above the aforesaid powerful barrier, which is the convergence of the 21 and 50-daily moving averages (DMA), for a sustained move high.

The next upside target is seen at Tuesday’s high of 1.3212.

The 14-day Relative Strength Index (RSI) trades flat but below the midline, keeping the sellers hopeful. Also, the spot trades below all the major DMAs, adding credence to the bearish bias.

The 1.3150 psychological level could challenge the bears’ commitment, below which the October 23 low of 1.3109 could be put to test.

The Bank of Canada (BOC) monetary policy decision will be closely eyed to gauge the near-term direction in the prices.

USD/CAD: Daily chart

USD/CAD: Additional levels

USD/CAD

Overview
Today last price 1.3191
Today Daily Change 0.0006
Today Daily Change % 0.05
Today daily open 1.3185
 
Trends
Daily SMA20 1.32
Daily SMA50 1.3199
Daily SMA100 1.3338
Daily SMA200 1.3543
 
Levels
Previous Daily High 1.3212
Previous Daily Low 1.3142
Previous Weekly High 1.3204
Previous Weekly Low 1.3081
Previous Monthly High 1.3421
Previous Monthly Low 1.2994
Daily Fibonacci 38.2% 1.3169
Daily Fibonacci 61.8% 1.3185
Daily Pivot Point S1 1.3147
Daily Pivot Point S2 1.311
Daily Pivot Point S3 1.3077
Daily Pivot Point R1 1.3217
Daily Pivot Point R2 1.325
Daily Pivot Point R3 1.3287

 

 

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