USD/CAD Price Analysis: Loses momentum near the 1.3600 area, next contention is seen at 1.3575


  • USD/CAD is trading near the 1.3600 mark, above the key 100-hour EMA.
  • Relative Strength Index (RSI) stands in the bearish territory below 50.
  • 1.3650 will be the immediate resistance level; 1.3575 acts as an initial support level.

The USD/CAD pair loses traction and hovers around the 1.3600 mark during the early European session on Monday. The weakening of the US Dollar (USD) and the upbeat Canadian employment data dragged the USD/CAD pair lower. The major pair currently trades near 1.3604, losing 0.25% on the day.

According to the four-hour chart, USD/CAD holds above the key 100-hour Exponential Moving Average (EMA), which supports the buyers for the time being. However, the Relative Strength Index (RSI) stands below 50, activating the bearish momentum for the USD/CAD pair for the time being.

Any follow-through buying above the middle line of the Bollinger Band and a high of May 31 at 1.3650 will pave the way to 1.3670 (a high of September 5). The additional upside filter to watch is 1.3692, representing the upper boundary of the Bollinger Band.

On the flip side, a decisive break below the 1.3600 will see a drop to 1.3575 (100-hour EMA). Further south, the next downside stop is seen at 1.3550 (a low of August 30). The next contention level is located at the 1.3495-1.3500 region, indicating a psychological round mark and a low of September 1.
 

USD/CAD four-hour chart

 

USD/CAD

Overview
Today last price 1.3603
Today Daily Change -0.0036
Today Daily Change % -0.26
Today daily open 1.3639
 
Trends
Daily SMA20 1.3569
Daily SMA50 1.3388
Daily SMA100 1.3405
Daily SMA200 1.3467
 
Levels
Previous Daily High 1.369
Previous Daily Low 1.3608
Previous Weekly High 1.3694
Previous Weekly Low 1.3576
Previous Monthly High 1.364
Previous Monthly Low 1.3184
Daily Fibonacci 38.2% 1.3639
Daily Fibonacci 61.8% 1.3659
Daily Pivot Point S1 1.3601
Daily Pivot Point S2 1.3564
Daily Pivot Point S3 1.352
Daily Pivot Point R1 1.3683
Daily Pivot Point R2 1.3727
Daily Pivot Point R3 1.3765

 

 

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