USD/CAD Price Analysis: Hovers near 1.3570 after recovering intraday losses


Share:
  • USD/CAD struggles to hold ground as US Dollar rebounds.
  • Technical indicators suggest retesting the major support at the 1.3550 level.
  • A break above the psychological barrier of 1.3600 could approach the 23.6% Fibo at 1.3625.

USD/CAD struggles to halt its three-day losing streak post recovering most of its intraday losses, hovering around 1.3570 during the European hours on Wednesday. However, the USD/CAD pair faced challenges during the Asian session on the back of a softer US Dollar (USD), coupled with improved Crude oil prices.

The technical indicators for the USD/CAD pair support the current downward trend. The Moving Average Convergence Divergence (MACD) line is below the centerline and the signal line, indicating a bearish momentum in the pair.

Furthermore, the 14-day Relative Strength Index (RSI) below 50 indicates bearish sentiment, indicating that the USD/CAD pair could meet the support around the major level at 1.3550.

A firm break below the latter could influence the bears of the USD/CAD pair to navigate the psychological support region around 1.3500.

On the upside, if the USD/CAD pair surpasses the psychological barrier of 1.3600, it could reach the 23.6% Fibonacci retracement at 1.3625 and seven-day Exponential Moving Average (EMA) at the 1.3628 level. A breakthrough above the resistance area could open the doors for the USD/CAD pair to explore the region around the 1.3650 level.

USD/CAD: Daily Chart

USD/CAD: more technical levels to watch

Overview
Today last price 1.3568
Today Daily Change -0.0007
Today Daily Change % -0.05
Today daily open 1.3575
 
Trends
Daily SMA20 1.372
Daily SMA50 1.368
Daily SMA100 1.3552
Daily SMA200 1.3518
 
Levels
Previous Daily High 1.3621
Previous Daily Low 1.356
Previous Weekly High 1.3766
Previous Weekly Low 1.3594
Previous Monthly High 1.3892
Previous Monthly Low 1.3562
Daily Fibonacci 38.2% 1.3584
Daily Fibonacci 61.8% 1.3598
Daily Pivot Point S1 1.355
Daily Pivot Point S2 1.3525
Daily Pivot Point S3 1.3489
Daily Pivot Point R1 1.3611
Daily Pivot Point R2 1.3646
Daily Pivot Point R3 1.3671

 

 

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.

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content

Editors’ Picks

EUR/USD stabilizes above1.0800, looks to post weekly gains

EUR/USD stabilizes above1.0800, looks to post weekly gains

EUR/USD continues to trade in a tight channel above 1.0800 in the second half of the day on Friday, as the improving risk mood makes if difficult for the USD to gather strength. The pair remains on track to snap a five-week losing streak.

EUR/USD News

GBP/USD clings to modest daily gains above 1.2650

GBP/USD clings to modest daily gains above 1.2650

GBP/USD trades in positive territory above 1.2650 in the American session on Friday. The bullish opening in Wall Street doesn't allow the USD to gather strength and helps the pair stay on track to close higher for the fifth consecutive day.

GBP/USD News

Gold holds steady above $2,020 as US yields edge lower

Gold holds steady above $2,020 as US yields edge lower

Gold regained its traction and stabilized above $2,020 after falling below this level during the European trading hours. The benchmark 10-year US Treasury bond yield is down nearly 1% on the day below 4.3%, allowing XAU/USD to keep its footing heading into the weekend.

Gold News

Ethereum price risks decline as increasing exchange supply raises chances of profit taking

Ethereum price risks decline as increasing exchange supply raises chances of profit taking

Ethereum price crossed $3,000 several times this week but the altcoin failed to sustain above this key level, raising concerns regarding its price trend. ETH price faces the risk of decline as the supply of the altcoin on exchanges is on the rise. 

Read more

Up go stocks, down go bonds

Up go stocks, down go bonds

We knew that yesterday was going to be a good day – at least for the stock markets, given that Nvidia defied the expectations that it would - maybe – fail to deliver $20bn sales in the latest quarter. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures