USD/CAD Price Analysis: Pair consolidates below 1.3550, focus on US economic data


  • USD/CAD holds ground below 1.3550 ahead of the US data.
  • MACD suggests a potential momentum shift in the upward trajectory of the Loonie pair.
  • 1.3500 psychological level emerges as the immediate support, following the 38.2% Fibonacci retracement.

USD/CAD continues its five-day losing streak, maintaining a negative bias and trading around 1.3540 during the early hours of the European session on Thursday. This downward pressure on the pair could be attributed to the rise in crude oil prices.

Market participants will likely monitor the upcoming data releases from the United States (US), including the Core Producer Price Index (PPI) and Retail Sales figures for August. These data sets will offer insights into economic activities in the US and can help traders in formulating their strategies for trading the USD/CAD pair.

The pair could encounter initial support around the 1.3500 psychological level, following the 38.2% Fibonacci retracement at 1.3466. A break below that level could influence the USD/CAD pair to navigate the region below the 1.3450 psychological level.

On the upside, an immediate barrier for the USD/CAD pair appears around the 23.6% Fibonacci retracement at 1.3553, followed by the nine-day Exponential Moving Average (EMA) at 1.3575.

A firm break above the 1.3600 psychological level could provide support for US Dollar (USD) buyers, allowing them to potentially target the area around the weekly high at 1.3636 following the 1.3700 psychological level.

The Moving Average Convergence Divergence (MACD) line remains above the centerline but shows divergence below the signal line. This configuration suggests a potential momentum shift in the market, which can be seen as a signal that the recent upward trend may start to weaken.

Traders of the USD/CAD pair will likely observe the 14-day Relative Strength Index (RSI), which suggests no significant momentum in either direction in the short term as it lies on the 50 level.

USD/CAD: Daily Chart

USD/CAD: additional important levels

Overview
Today last price 1.3538
Today Daily Change -0.0011
Today Daily Change % -0.08
Today daily open 1.3549
 
Trends
Daily SMA20 1.3578
Daily SMA50 1.3406
Daily SMA100 1.3404
Daily SMA200 1.3466
 
Levels
Previous Daily High 1.3587
Previous Daily Low 1.3521
Previous Weekly High 1.3694
Previous Weekly Low 1.3576
Previous Monthly High 1.364
Previous Monthly Low 1.3184
Daily Fibonacci 38.2% 1.3546
Daily Fibonacci 61.8% 1.3562
Daily Pivot Point S1 1.3518
Daily Pivot Point S2 1.3486
Daily Pivot Point S3 1.3451
Daily Pivot Point R1 1.3584
Daily Pivot Point R2 1.3619
Daily Pivot Point R3 1.365

 

 

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