USD/CAD Price Analysis: Gains traction and tests the 100-day EMA at around 1.3410

USD/CAD resumed its uptrend once it reclaimed the February 1 daily high at 1.3379.
USD/CAD Price Analysis: A daily close above 1.3400 will exacerbate a rally to 1.3500. otherwise, further downside is expected.

Christian Borjon Valencia FXStreet

USD/CAD climbs in the North American session after hitting a daily low of 1.3311 before Wall Street opened. Nevertheless, a strong US jobs report bolstered the US Dollar, the strongest currency in the FX space. At the time of writing, the USD/CAD exchanges hand at 1.3402.

USD/CAD Price Analysis: Technical outlook

Technically speaking, the USD/CAD is still neutral-to-upward biased, though it reclaimed some resistance levels after testing the 200-day Exponential Moving Average (EMA) a couple of days ago. On its way north, the USD/CAD pair conquered an upslope-support trendline that was broken on January 31, which means the uptrend could resume shortly.

Therefore, the USD/CAD next resistance would be the 50-day EMA at 1.3443. Break above, and the USD/CAD pair would rally to January 31 daily high at 1.3471, followed by 1.3500.

As an alternate scenario, the USD/CAD first support would be the 1.3400 mark. Once cleared, the USD/CAD might test the 20-day EMA at 1.3388, followed by a downslope trendline turned support at 1.3355-65, and then the 1.3300 psychological barrier.

USD/CAD Key Technical Levels

USD/CAD

Overview
Today last price	1.34
Today Daily Change	0.0087
Today Daily Change %	0.65
Today daily open	1.3313

Trends
Daily SMA20	1.3383
Daily SMA50	1.3498
Daily SMA100	1.3532
Daily SMA200	1.3219

Levels
Previous Daily High	1.3348
Previous Daily Low	1.3262
Previous Weekly High	1.3428
Previous Weekly Low	1.33
Previous Monthly High	1.3685
Previous Monthly Low	1.33
Daily Fibonacci 38.2%	1.3315
Daily Fibonacci 61.8%	1.3295
Daily Pivot Point S1	1.3268
Daily Pivot Point S2	1.3222
Daily Pivot Point S3	1.3183
Daily Pivot Point R1	1.3353
Daily Pivot Point R2	1.3393
Daily Pivot Point R3	1.3438

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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