USD/CAD Price Analysis: Hovers above 1.3750, barrier at upper boundary of the channel


  • USD/CAD could test the upper boundary of the rising channel around the level of 1.3775.
  • The momentum indicator 14-day RSI suggests an emergence of a bullish bias.
  • A break below the 21-day EMA could lead the pair to test the lower threshold of the rising channel around the level of 1.3640.

USD/CAD holds its position around 1.3760 during the early European session on Monday following the recent gains recorded in the previous trading day. Analysis of the daily chart suggests an emergence of a bullish bias for the USD/CAD pair, as it moves within the rising channel pattern.

Moreover, the momentum indicator 14-day Relative Strength Index (RSI) is positioned above the 50 level. The Moving Average Convergence Divergence (MACD) indicator suggests a confirmation of the bullish bias for the pair as the MACD line is positioned above the centerline, it shows divergence above the signal line.

The USD/CAD pair tests the upper boundary of the rising channel around the level of 1.3775, followed by the key barrier at the psychological level of 1.3800. A breakthrough above the latter level could provide support for the pair to explore the region April’s high of 1.3846.

On the downside, the USD/CAD pair could find key support around the 21-day Exponential Moving Average (EMA) of 1.3684 level. A break below this level could exert pressure on the pair to navigate the region around the lower threshold of the rising channel around the level of 1.3640, followed by the throwback support at 1.3590.

USD/CAD: Daily Chart

USD/CAD

Overview
Today last price 1.3769
Today Daily Change 0.0003
Today Daily Change % 0.02
Today daily open 1.3766
 
Trends
Daily SMA20 1.3663
Daily SMA50 1.3673
Daily SMA100 1.359
Daily SMA200 1.3578
 
Levels
Previous Daily High 1.3768
Previous Daily Low 1.3663
Previous Weekly High 1.3768
Previous Weekly Low 1.3603
Previous Monthly High 1.3783
Previous Monthly Low 1.359
Daily Fibonacci 38.2% 1.3728
Daily Fibonacci 61.8% 1.3703
Daily Pivot Point S1 1.3697
Daily Pivot Point S2 1.3628
Daily Pivot Point S3 1.3592
Daily Pivot Point R1 1.3801
Daily Pivot Point R2 1.3837
Daily Pivot Point R3 1.3906

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

AUD/USD: Next stop emerges at 0.6580

AUD/USD: Next stop emerges at 0.6580

The downward bias around AUD/USD remained unabated for yet another day, motivating spot to flirt with the area of four-week lows well south of the key 0.6700 region.

AUD/USD News

EUR/USD looks cautious near 1.0900 ahead of key data

EUR/USD looks cautious near 1.0900 ahead of key data

The humble advance in EUR/USD was enough to partially leave behind two consecutive sessions of marked losses, although a convincing surpass of the 1.0900 barrier was still elusive.

EUR/USD News

Gold extends slide below $2,400

Gold extends slide below $2,400

Gold stays under persistent bearish pressure after breaking below the key $2,400 level and trades at its lowest level in over a week below $2,390. In the absence of fundamental drivers, technical developments seem to be causing XAU/USD to stretch lower.

Gold News

Why this week could be explosive for Ethereum

Why this week could be explosive for Ethereum

Ethereum (ETH) is down nearly 1% on Monday as exchanges have begun confirming Tuesday as the launch date for ETH ETFs. Considering the ETH ETF launch and the upcoming Bitcoin Conference, this week could prove crucial for Ethereum.

Read more

What now for the Democrats?

What now for the Democrats?

Like many, I applaud Biden’s decision.  I would have preferred that he’d made it sooner, but there’s still plenty of time for the Democrats to run a successful campaign. In fact, I wish something on the order of a two-month campaign – as opposed to a two-year campaign – were the norm and not the exception. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures