USD/CAD Price Analysis: Maintains position above 1.3650 ahead of US Consumer Sentiment

USD/CAD snaps the recent gains on the back of the recent increase in Crude oil prices.
Technical indicators suggest bullish momentum in market sentiment.
1.3650 major level emerges as the support, followed by the 23.6% Fibonacci retracement.

Akhtar Faruqui FXStreet

USD/CAD snaps a two-day winning streak on the back of the recent increase in Crude oil prices. However, the pair received upward support after the release of upbeat economic data from the United States (US).

The USD/CAD pair trades lower around 1.3660 during the European session on Friday, lined up with the support at the 1.3650 level, followed by the 23.6% Fibonacci retracement at 1.3616 level.

A decisive break below the latter could open the door for the USD/CAD pair to navigate the region around the psychological level at 1.3600 close to the 22-day Exponential Moving Average (EMA) at 1.3599.

On the flip side, the weekly high at 1.3700 major level could act as immediate resistance, followed by the 1.3750 psychological level aligned to the monthly high at 1.3785.

The Moving Average Convergence Divergence (MACD) line positioned above both the centerline and the signal line suggests a potential bullish momentum in market sentiment.

Additionally, the USD/CAD pair continues to maintain a prevailing bullish momentum, emphasizing a stronger bias. This is evident as the 14-day Relative Strength Index (RSI) remains above the 50 level.

USD/CAD: Daily Chart

USD/CAD: Other technical levels to watch

Overview
Today last price	1.3663
Today Daily Change	-0.0028
Today Daily Change %	-0.20
Today daily open	1.3691

Trends
Daily SMA20	1.3569
Daily SMA50	1.3548
Daily SMA100	1.3416
Daily SMA200	1.3463

Levels
Previous Daily High	1.3701
Previous Daily Low	1.3578
Previous Weekly High	1.3786
Previous Weekly Low	1.3562
Previous Monthly High	1.3694
Previous Monthly Low	1.3379
Daily Fibonacci 38.2%	1.3654
Daily Fibonacci 61.8%	1.3625
Daily Pivot Point S1	1.3613
Daily Pivot Point S2	1.3534
Daily Pivot Point S3	1.349
Daily Pivot Point R1	1.3735
Daily Pivot Point R2	1.3779
Daily Pivot Point R3	1.3857

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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