USD/CAD Price Analysis: Further upside hinges on 1.3450 breakout

USD/CAD picks up bids to refresh intraday high.
Bulls jostle with a convergence of the 21-DMA and two-week-old resistance line.
MACD teases buyers, 100-DMA appears a tough nut to crack for the USD/CAD bears.

Anil Panchal FXStreet

USD/CAD renews intraday high around 1.3440 during the second daily run-up amid early Monday.

In doing so, the Loonie pair buyers attack a convergence of the 21-Day Moving Average (DMA) and a downward-sloping from November 10, around 1.3440 by the press time.

It should be noted that the pair’s successful trading above the 100-DMA and steady RSI joins the impending bull cross on the MACD to keep the USD/CAD buyers hopeful of crossing the 1.3440 hurdle.

Following that, the 38.2% Fibonacci retracement of the pair’s August-October upside, near 1.3500, will challenge the USD/CAD bulls before directing them to the six-week-old resistance line around 1.3610.

On the flip side, a two-week-old ascending support line, near 1.3320 could restrict the immediate downside of the USD/CAD pair before the 100-DMA support of 1.3275.

In a case where the Loonie pair remains weak past 1.3275, the 61.8% Fibonacci retracement level of 1.3207, quickly followed by the 1.3200 round figure, could act as the last defense of the USD/CAD buyers, a break of which will make the pair vulnerable to plunging towards 1.3000 psychological magnet.

Overall, USD/CAD is likely to portray further upside but the 1.3610 is a crucial resistance to watch for the pair traders.

USD/CAD: Daily chart

Trend: Limited recovery expected

Additional important levels

Overview
Today last price	1.343
Today Daily Change	0.0060
Today Daily Change %	0.45%
Today daily open	1.337

Trends
Daily SMA20	1.3438
Daily SMA50	1.3569
Daily SMA100	1.3271
Daily SMA200	1.3011

Levels
Previous Daily High	1.3398
Previous Daily Low	1.3317
Previous Weekly High	1.3495
Previous Weekly Low	1.3316
Previous Monthly High	1.3978
Previous Monthly Low	1.3496
Daily Fibonacci 38.2%	1.3367
Daily Fibonacci 61.8%	1.3348
Daily Pivot Point S1	1.3325
Daily Pivot Point S2	1.328
Daily Pivot Point S3	1.3244
Daily Pivot Point R1	1.3406
Daily Pivot Point R2	1.3443
Daily Pivot Point R3	1.3488

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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