USD/CAD Price Analysis: Greenback down, challenges 1.4000 figure vs. Canadian dollar

USD/CAD turns lower as the oil prices recovery favor CAD.
Greenback weakness is also weighing on USD/CAD.

Flavio Tosti Independent Analyst

USD/CAD daily chart

USD/CAD is trading above the main SMAs on the daily chart suggesting an overall bullish bias. However, the market is consolidating the impressive advance made in March. The oil prices recovery is boosting CAD. The greenback weakness is putting extra pressure on USD/CAD.

USD/CAD four-hour chart

USD/CAD turned lower under the main SMAs on the four-hour chart while breaking below the 1.4100 level. Sellers seem to be back in control and the 1.3985 support level might be put to the test in the coming sessions with a potential breakdown towards the 1.3850 and 1.3800 levels. Resistance can be expected near 1.4070, 1.1415 and 1.4170 levels.

Resistance: 1.4070, 1.4115, 1.4170

Support: 1.3985, 1.3850, 1.3800

Additional key levels

USD/CAD

Overview
Today last price	1.403
Today Daily Change	-0.0131
Today Daily Change %	-0.93
Today daily open	1.4161

Trends
Daily SMA20	1.4066
Daily SMA50	1.3827
Daily SMA100	1.3485
Daily SMA200	1.3355

Levels
Previous Daily High	1.4238
Previous Daily Low	1.4115
Previous Weekly High	1.4182
Previous Weekly Low	1.3856
Previous Monthly High	1.4668
Previous Monthly Low	1.3315
Daily Fibonacci 38.2%	1.4162
Daily Fibonacci 61.8%	1.4191
Daily Pivot Point S1	1.4105
Daily Pivot Point S2	1.4049
Daily Pivot Point S3	1.3982
Daily Pivot Point R1	1.4227
Daily Pivot Point R2	1.4294
Daily Pivot Point R3	1.435

Author

Flavio Tosti

Independent Analyst

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