USD/CAD Price Analysis: Lots of technical signs supporting the bulls at the moment


  • USD/CAD is trading 0.30% lower ahead of the NFP data on Friday.
  • There is a 20 pip range of support at 1.3240 that looks strong.

USD/CAD 4-hour chart

USD/CAD has been trendline lower in recent session but the price is heading towards a firm support area between 1.3240 and 1.3260. There are multiple technical factors to consider at the moment that seem to be supporting the long trade. 

The Relative Strength Index is making a bullish failure swing pattern. This is when the price makes a higher low but the indicator makes a lower low. Often the indicator moves into oversold territory and in this case, it is pretty close. 

There is also the 38.2% Fibonacci retracement zone in close proximity to the current price level. Adding to this, the red upward sloping trendline could also be a good support zone and if the price does move lower it could come into play.

Lastly, the zone has been used seven times on the 4-hour chart and this illustrates its importance as the price heads to the area. Sometimes certain prices act like magnets for the price and this seems to be one of those zones.

Additional levels

USD/CAD

Overview
Today last price 1.328
Today Daily Change -0.0039
Today Daily Change % -0.29
Today daily open 1.3319
 
Trends
Daily SMA20 1.3239
Daily SMA50 1.3249
Daily SMA100 1.3443
Daily SMA200 1.3528
 
Levels
Previous Daily High 1.3421
Previous Daily Low 1.3302
Previous Weekly High 1.3418
Previous Weekly Low 1.3171
Previous Monthly High 1.3421
Previous Monthly Low 1.2994
Daily Fibonacci 38.2% 1.3347
Daily Fibonacci 61.8% 1.3375
Daily Pivot Point S1 1.3274
Daily Pivot Point S2 1.3229
Daily Pivot Point S3 1.3155
Daily Pivot Point R1 1.3392
Daily Pivot Point R2 1.3466
Daily Pivot Point R3 1.3511

 

 

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