USD/CAD Price Analysis: dollar rally capped by trendline resistance at 1.4140

USD/CAD’s three-day rally from 1.3900 has been capped by downtrend resistance at 1.4140
The pair remains bullish on daily charts, supported by the 20-day SMA at 1.4065.
Above 1.4140, next resistance levels would be 1.4175 and 1.4265.

Guillermo Alcala FXStreet

This week’s US dollar rally from 1.3900 has stalled today at 1.4140 and the pair has retreated below 1.4100, turning negative on the day. The USD/CAD, however, remains steady above the main moving average lines, with the 20-day SMA offering support at 1.4065 so far.

The daily chart shows the pair limited below the downward trending resistance line from March 31 highs at 1.4140. A successful break beyond this line would increase bullish pressure on the USD, to target May 7 high at 1.4175 and March 21 high at 14265.

On the downside, below the 20-day SMA at 1.4055, the pair might target 1.3900 (May 11 low) and 1.3855 (April 30 low).

USD/CAD daily chart

USD/CAD key levels to watch

USD/CAD

Overview
Today last price	1.408
Today Daily Change	-0.0022
Today Daily Change %	-0.16
Today daily open	1.4102

Trends
Daily SMA20	1.4055
Daily SMA50	1.4047
Daily SMA100	1.3613
Daily SMA200	1.342

Levels
Previous Daily High	1.4115
Previous Daily Low	1.4007
Previous Weekly High	1.4173
Previous Weekly Low	1.3909
Previous Monthly High	1.4299
Previous Monthly Low	1.385
Daily Fibonacci 38.2%	1.4074
Daily Fibonacci 61.8%	1.4048
Daily Pivot Point S1	1.4034
Daily Pivot Point S2	1.3966
Daily Pivot Point S3	1.3925
Daily Pivot Point R1	1.4142
Daily Pivot Point R2	1.4183
Daily Pivot Point R3	1.4251

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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