USD/CAD Price Analysis: Holds positive ground near 1.3500, USD attracts buyers

USD/CAD gains traction near the 1.3500 psychological mark amid the renewed USD.
The pair holds below the 50- and 100-hour EMAs; Relative Strength Index (RSI) stands in bullish territory above 50.
The first resistance level is seen at 1.3510; the initial support level is located at 1.3465.

Lallalit Srijandorn FXStreet

The USD/CAD pair trades in positive territory for the second straight day during the early European session on Thursday. The pair's recovery is bolstered by the Federal Reserve's (Fed) hawkish stance after holding the interest rate unchanged in its policy meeting on Wednesday. Additionally, a decline in oil prices weighs on the commodity-linked Loonie as the country is the leading oil exporter to the United States. The pair currently trades near 1.3495, gaining 0.26% on the day.

According to the four-hour chart, USD/CAD holds below the 50- and 100-hour Exponential Moving Averages (EMAs) with a downward slope, which supports the sellers for the time being.

The first resistance level for the pair is seen near the 50-hour EMA at 1.3510. The additional upside filter to watch is near the confluence of the 100-hour EMA and the upper boundary of the Bollinger Band at 1.3530. Any follow-through buying above the latter will pave the way to a high of September 13 at 1.3586, followed by a psychological round figure at 1.3600.

Looking at the downside, the initial support level is located at 1.3465 (a high of September 20). The critical contention is seen at the 1.3400-1.3410 region, representing a psychological figure, the lower limit of Bollinger Band and a low of August 11. Further south, the next downside stop will emerge at 1.3380 (a low of September 19).

It’s worth noting that the Relative Strength Index (RSI) stands above 50, activating the bullish momentum for the USD/CAD pair.

USD/CAD four-hour chart

USD/CAD

Overview
Today last price	1.3496
Today Daily Change	0.0034
Today Daily Change %	0.25
Today daily open	1.3462

Trends
Daily SMA20	1.3563
Daily SMA50	1.3428
Daily SMA100	1.3399
Daily SMA200	1.3463

Levels
Previous Daily High	1.3477
Previous Daily Low	1.3396
Previous Weekly High	1.3639
Previous Weekly Low	1.3493
Previous Monthly High	1.364
Previous Monthly Low	1.3184
Daily Fibonacci 38.2%	1.3446
Daily Fibonacci 61.8%	1.3427
Daily Pivot Point S1	1.3412
Daily Pivot Point S2	1.3363
Daily Pivot Point S3	1.3331
Daily Pivot Point R1	1.3494
Daily Pivot Point R2	1.3527
Daily Pivot Point R3	1.3576

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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