USD/CAD Price Analysis: Depreciates to near 1.3500 followed by 23.6% Fibonacci

USD/CAD loses ground to a major level of 1.3500 on Tuesday.
The immediate support area appears around the 23.6% Fibonacci retracement level at 1.3489 and 50-day EMA at 1.3476.
The pair could find immediate resistance around the major level of 1.3550 and February’s high at 1.3586.

Akhtar Faruqui FXStreet

USD/CAD continues to lose ground on the subdued US Dollar (USD), which could be attributed to the lower US Treasury yields. The USD/CAD pair inches lower to near 1.3500 during the Asian session on Tuesday.

The USD/CAD pair could find the immediate support region around the 23.6% Fibonacci retracement level at 1.3489 and the 50-day Exponential Moving Average (EMA) at 1.3476. A break below the latter could prompt the pair to approach the major level of 1.3450 before the 38.2% Fibonacci retracement level at 1.3430. Further support appears at the psychological support at the 1.3400 level.

The technical analysis of the 14-day Relative Strength Index (RSI) is positioned above 50, suggesting bullish momentum for the USD/CAD pair.

Furthermore, the Moving Average Convergence Divergence (MACD) indicator for the USD/CAD pair, indicates a subdued momentum in the market. This interpretation is based on the MACD line's position above the centerline but lies below the signal line. Traders could await a clearer directional signal from the lagging indicator MACD before making aggressive trades in the pair.

On the upside, the USD/CAD pair could meet the key resistance at the major level of 1.3550 following February’s high at 1.3586. A break above February’s high could exert upward support to lead the pair to explore the region around the psychological resistance level at 1.3600.

USD/CAD: Daily Chart

USD/CAD

Overview
Today last price	1.3505
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	1.3506

Trends
Daily SMA20	1.3481
Daily SMA50	1.3416
Daily SMA100	1.3542
Daily SMA200	1.3478

Levels
Previous Daily High	1.3529
Previous Daily Low	1.3492
Previous Weekly High	1.3536
Previous Weekly Low	1.3441
Previous Monthly High	1.3542
Previous Monthly Low	1.3229
Daily Fibonacci 38.2%	1.3506
Daily Fibonacci 61.8%	1.3515
Daily Pivot Point S1	1.3489
Daily Pivot Point S2	1.3472
Daily Pivot Point S3	1.3452
Daily Pivot Point R1	1.3526
Daily Pivot Point R2	1.3546
Daily Pivot Point R3	1.3564

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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