USD/CAD Price Analysis: Maintains its position near 1.3330 ahead of the US key events

USD/CAD moves sideways after halting a winning streak that began on December 27.
MACD indicator suggests a potential shift in the pair’s direction.
A break above the 23.6% Fibonacci retracement at 1.3351 could lead the pair to surpass the 21-day EMA at 1.3363.

Akhtar Faruqui FXStreet

USD/CAD hovers near 1.3330 during the Asian session on Wednesday. The USD/CAD pair receives upward support as investors turn back to the US Dollar (USD) on risk-off sentiment.

The technical analysis of the Moving Average Convergence Divergence (MACD) for the USD/CAD pair suggests a potential shift in the pair's trend as the MACD line lies below the centreline but shows divergence above the signal line.

However, the lagging indicator 14-day Relative Strength Index (RSI) is positioned below 50. Traders will likely wait for confirmation implying that the USD/CAD pair could change its direction.

The USD/CAD pair could find key support near the psychological level at 1.3300 following the major support at 1.3250 level. A break below the latter could push the pair to navigate the region around the weekly low at 1.3228 followed by the psychological level at 1.3200.

The analysis suggests that on the upside, the major level at 1.3350 aligned with the 23.6% Fibonacci retracement level at 1.3351 could act as a key resistance zone. A breakthrough above the key resistance zone could lead the USD/CAD pair to surpass the 21-day Exponential Moving Average (EMA) at 1.3363 following the psychological barrier at 1.3400.

If the USD/CAD pair manages to pass through the psychological resistance, it may explore further upward movement toward the 38.2% Fibonacci retracement level at 1.3456.

USD/CAD: Daily Chart

USD/CAD: more technical levels

Overview
Today last price	1.3326
Today Daily Change	-0.0005
Today Daily Change %	-0.04
Today daily open	1.3331

Trends
Daily SMA20	1.3379
Daily SMA50	1.358
Daily SMA100	1.3585
Daily SMA200	1.3485

Levels
Previous Daily High	1.3334
Previous Daily Low	1.3229
Previous Weekly High	1.3267
Previous Weekly Low	1.3178
Previous Monthly High	1.362
Previous Monthly Low	1.3178
Daily Fibonacci 38.2%	1.3294
Daily Fibonacci 61.8%	1.3269
Daily Pivot Point S1	1.3262
Daily Pivot Point S2	1.3193
Daily Pivot Point S3	1.3157
Daily Pivot Point R1	1.3367
Daily Pivot Point R2	1.3403
Daily Pivot Point R3	1.3472

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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