USD/CAD Price Analysis: Flirts with monthly resistance line above 1.3200

USD/CAD keeps upside break of 50-day SMA despite failing to cross a short-term resistance line the previous day.
The absence of extreme RSI conditions favors the continuation of recovery moves from 1.3099.

Anil Panchal FXStreet

USD/CAD picks up bids near 1.3225, up 0.05% intraday, during Friday’s Asian session. The loonie pair crossed the 50-day SMA for the first time in a week on Thursday. However, a daily closing beyond a falling trend line from September 30 isn’t yet provided to welcome the bulls.

Considering the normal RSI conditions and the pair’s ability to stay beyond 50-day SMA, the buyers are likely to cross the immediate resistance line near 1.3235-40.

Although the monthly high of 1.3340 will lure the USD/CAD bulls after 1.3240, the 1.3300 round-figure can offer an intermediate halt during the rise.

Also acting as the key upside barrier is the September month’s high near 1.3420 as well as 61.8% Fibonacci retracement of the pair’s June-September downside, close to 1.3440.

Meanwhile, a downside break of 50-day SMA, currently around 1.3210 can attack the 1.3200 threshold before targeting 1.3130 and the current month’s low near 1.3100.

USD/CAD daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	1.3224
Today Daily Change	80 pips
Today Daily Change %	0.61%
Today daily open	1.3144

Trends
Daily SMA20	1.3267
Daily SMA50	1.3217
Daily SMA100	1.3371
Daily SMA200	1.3538

Levels
Previous Daily High	1.3163
Previous Daily Low	1.3116
Previous Weekly High	1.3341
Previous Weekly Low	1.311
Previous Monthly High	1.3421
Previous Monthly Low	1.2994
Daily Fibonacci 38.2%	1.3145
Daily Fibonacci 61.8%	1.3134
Daily Pivot Point S1	1.3119
Daily Pivot Point S2	1.3094
Daily Pivot Point S3	1.3072
Daily Pivot Point R1	1.3166
Daily Pivot Point R2	1.3188
Daily Pivot Point R3	1.3213

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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