USD/CAD Price Analysis: Reaches a nearly two-year high above 1.3300 as buyers eye 1.3400

The Loonie would finish the week with losses above 2%.
A dismal sentiment weighed on risk-sensitive currencies like the Canadian dollar.
USD/CAD Price Analysis: A daily close above 1.3300 could pave the way towards 1.3400.

Christian Borjon Valencia FXStreet

The USD/CAD rallied to a nearly two-year high at around 1.3307, a level last seen in November 2020, spurred by a risk-off impulse as investors worried about an aggressive Federal Reserve hike that could tap the US economy into a recession. At the time of writing, the USD/CAD is trading at 1.3293, above its opening price by 0.51%.

USD/CAD Price Analysis: Technical outlook

The Loonie weakened vs. a solid greenback, piercing the 1.3300 mark briefly during the North American session. Given that the USD/CAD began trending up in April of 2021, the major might continue to extend its gains. Once achieving a daily close above the 1.3300 figure, the following target would be October 29, 2020, a daily high, at around 1.3390. Once cleared, it would expose the September 2020 highs at 1.3418.

Near term, the USD/CAD is poised to the upside, even though it retreated from above the 1.3300 figure. Worth noting that the 20-EMA at 1.3267 capped the retracement; since then, the pair recovered towards the R2 daily pivot at 1.3295. A breach of the latter will re-expose the YTD high at 1.3307, which, once cleared, would open the door toward the R3 pivot point at 1.3347, ahead of the R4 daily pivot at the 1.3400 mark.

USD/CAD Key Technical Levels

USD/CAD

Overview
Today last price	1.3293
Today Daily Change	0.0061
Today Daily Change %	0.51
Today daily open	1.3227

Trends
Daily SMA20	1.3077
Daily SMA50	1.2967
Daily SMA100	1.2906
Daily SMA200	1.2793

Levels
Previous Daily High	1.324
Previous Daily Low	1.3154
Previous Weekly High	1.3209
Previous Weekly Low	1.2982
Previous Monthly High	1.3141
Previous Monthly Low	1.2728
Daily Fibonacci 38.2%	1.3207
Daily Fibonacci 61.8%	1.3187
Daily Pivot Point S1	1.3174
Daily Pivot Point S2	1.3121
Daily Pivot Point S3	1.3087
Daily Pivot Point R1	1.326
Daily Pivot Point R2	1.3294
Daily Pivot Point R3	1.3347

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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