USD/CAD Price Analysis: Extends its downside around 1.3500 amid a surge in crude oil prices

USD/CAD attracts some sellers and trades in negative territory for the sixth consecutive day on Friday.
The pair holds below the 50- and 100-hour EMAs; the Relative Strength Index (RSI) stands below 50.
The immediate resistance level for the pair is seen at 1.3530; the 1.3490 acts as an initial support level.

Lallalit Srijandorn FXStreet

The USD/CAD pair extends its downside around the 1.3500 mark during the early European session on Friday. A rally in crude oil prices near the highest level since November 2022 boosts the commodity-linked Loonie against the US Dollar (USD) and acts as a headwind for the USD/CAD pair.

According to the one-hour chart, USD/CAD holds below the 50- and 100-hour Exponential Moving Averages (EMAs) with a downward slope, which supports the sellers for the time being. Additionally, the Relative Strength Index (RSI) stands below 50, activating the bearish momentum for the USD/CAD pair for pair.

The immediate resistance level for the pair is seen at 1.3530, representing the 50-hour EMA and the upper boundary of the Bollinger Band. Any follow-through buying above the latter will pave the way to 1.3553 (the 100-hour EMA). The additional upside filter to watch is near a high of September 13 at 1.3586, followed by a psychological round figure at 1.3600.

Looking at the downside, the 1.3490 acts as an initial support level for USD/CAD. The mentioned level portrays the lower limit of the Bollinger Band. A breach below the latter will see a drop to 1.3475 (a low of August 16). Further south, the next downside stop is located at 1.3445 (a low of August 15) en route to a low of August 11 at 1.3412.

USD/CAD one-hour chart

USD/CAD

Overview
Today last price	1.3497
Today Daily Change	-0.0011
Today Daily Change %	-0.08
Today daily open	1.3508

Trends
Daily SMA20	1.3576
Daily SMA50	1.3409
Daily SMA100	1.3403
Daily SMA200	1.3466

Levels
Previous Daily High	1.3557
Previous Daily Low	1.3493
Previous Weekly High	1.3694
Previous Weekly Low	1.3576
Previous Monthly High	1.364
Previous Monthly Low	1.3184
Daily Fibonacci 38.2%	1.3518
Daily Fibonacci 61.8%	1.3532
Daily Pivot Point S1	1.3482
Daily Pivot Point S2	1.3456
Daily Pivot Point S3	1.3419
Daily Pivot Point R1	1.3546
Daily Pivot Point R2	1.3583
Daily Pivot Point R3	1.3609

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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