USD/CAD Price Analysis: Eases from monthly ascending channel’s resistance

  • USD/CAD licks its wounds after stepping back from six-week top the previous day.
  • Overbought RSI conditions, pullback from channel resistance suggest further consolidation.
  • The mid-August high can offer immediate support, bulls may target August 07 peak on defying the channel pattern.

USD/CAD seesaws around 1.3300 during the initial Asian session on Wednesday. The loonie pair surged to the highest since August 12, before bouncing off to 1.3305, on Tuesday.

The pair’s pullback can be attributed to an upward sloping channel established since August 27. Also helping USD/CAD retracement from the upper line of the bullish pattern could be overbought RSI conditions.

As a result, short-term sellers targeting the August 14 top near 1.3270 may keep the reins. However, the quote’s further declines can be probed by September 08 high near 1.3255.

Also acting as the tough downside supports are the 200-bar SMA level of 1.3182 and the lower line of the aforementioned channel near 1.3170.

Meanwhile, the recent high near 1.3345, followed by the channel resistance near 1.3355, can probe USD/CAD bulls during a fresh upside.

It should, however, be noted that the August 07 high surrounding 1.3400 and July 30 peak close to 1.3460 can lure the bulls beyond 1.3355.

USD/CAD four-hour chart

Trend: Pullback expected

Additional important levels

Today last price 1.3304
Today Daily Change -3 pips
Today Daily Change % -0.02%
Today daily open 1.3307
Daily SMA20 1.3148
Daily SMA50 1.3272
Daily SMA100 1.3491
Daily SMA200 1.3521
Previous Daily High 1.332
Previous Daily Low 1.3171
Previous Weekly High 1.3247
Previous Weekly Low 1.3128
Previous Monthly High 1.3451
Previous Monthly Low 1.302
Daily Fibonacci 38.2% 1.3264
Daily Fibonacci 61.8% 1.3228
Daily Pivot Point S1 1.3212
Daily Pivot Point S2 1.3117
Daily Pivot Point S3 1.3063
Daily Pivot Point R1 1.3361
Daily Pivot Point R2 1.3416
Daily Pivot Point R3 1.3511



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD edges above 1.18 amid mixed US data, slim stimulus hopes

EUR/USD is trading above 1.30 after US Durable Goods Orders beat expectations but Consumer Confidence missed estimates. Hopes for a US stimulus deal are slim with a week left until the elections.


GBP/USD stabilizes above 1.30 amid Brexit and covid uncertainty

GBP/USD is hovering above the round 1.30 levels as rising UK COVID-19 cases, uncertainty about Brexit, and PM Johnson's political problems weigh on sterling. US data has been mixed.


XAU/USD pares early gains, turns flat near $1,900

For the third straight trading day on Tuesday, the XAU/USD pair is moving sideways above $1,900 as participants wait for the next significant catalyst. After climbing to a daily high of $1,910 earlier in the day, the pair lost its traction and was last seen trading virtually unchanged on the day at $1,902.

Gold News

Bitcoin breaks new yearly highs; the road to $15,000 is clear

Bitcoin breaks new yearly highs and hits $13,464. The road to $15,000 is clear as there are no major resistance levels above the current price.

Read more

WTI trims losses and moves near $39.00/bbl ahead of API

Following two consecutive daily pullbacks, prices of the West Texas Intermediate regain some buying interest and reach the $39.00 mark per barrel on turnaround Tuesday.

Oil News