USD/CAD Price Analysis: Holds above 200-hour SMA pivotal point ahead of BoC

USD/CAD meets with some fresh supply near 1.3400 mark on Wednesday.
The downside remains cushioned ahead of BoC monetary policy decision.

Haresh Menghani FXStreet

The USD/CAD pair failed to capitalize on the overnight positive move and met with some fresh supply in the vicinity of the 1.3400 round-figure mark on Wednesday.

The recent pullback from nine-month tops has been finding some dip-buying near 200-hour SMA, which should now act as an important pivotal point for short-term traders.

The mentioned support is closely followed by the 1.3320-15 horizontal support and the 1.3300 mark, which if broken might be seen as a key trigger for bearish traders.

Meanwhile, technical indicators on hourly charts have just started drifting into the negative territory, albeit have still managed to hold with a bullish bias on the daily chart.

The set-up warrants some caution before placing any aggressive bets as investors look forward to the highly anticipated BoC monetary policy decision for a fresh directional impetus.

USD/CAD 1-hourly chart

Technical levels to watch

USD/CAD

Overview
Today last price	1.3355
Today Daily Change	-0.0015
Today Daily Change %	-0.11
Today daily open	1.337

Trends
Daily SMA20	1.3293
Daily SMA50	1.3175
Daily SMA100	1.3183
Daily SMA200	1.321

Levels
Previous Daily High	1.3387
Previous Daily Low	1.3319
Previous Weekly High	1.3465
Previous Weekly Low	1.3225
Previous Monthly High	1.3465
Previous Monthly Low	1.3202
Daily Fibonacci 38.2%	1.3361
Daily Fibonacci 61.8%	1.3345
Daily Pivot Point S1	1.3331
Daily Pivot Point S2	1.3291
Daily Pivot Point S3	1.3263
Daily Pivot Point R1	1.3399
Daily Pivot Point R2	1.3427
Daily Pivot Point R3	1.3467

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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