USD/CAD Price Analysis: Recovers some lost ground below 1.3500, US CB Consumer Confidence eyed

USD/CAD posts modest gains amid the USD demand and a decline in oil prices.
The pair holds below the 50- and 100-hour EMAs.
Relative Strength Index (RSI) is located in the 40-60 zone, indicating a non-directional movement.
The key resistance level for the pair is seen at the 1.3505-1.3515 region; 1.3443 acts as an initial support level.

Lallalit Srijandorn FXStreet

The USD/CAD pair recovers its recent losses during the early European trading hours on Tuesday. The pair currently trades near 1.3487, gaining 0.25% for the day.

The hawkish stance from the Federal Reserve (Fed) officials and a decline in oil prices are the main drivers for the pair. Market players await the Canadian GDP numbers and the US Core Personal Consumption Expenditure (PCE) Price Index data on Friday for fresh impetus.

From the technical perspective, USD/CAD holds below the 50- and 100-hour Exponential Moving Averages (EMAs) with a downward slope on the four-hour chart, which supports the sellers for the time being. Meanwhile, the Relative Strength Index (RSI) is located in the 40-60 zone, indicating a non-directional movement in the USD/CAD pair.

The critical resistance level for the pair is seen near the confluence of the upper boundary of the Bollinger Band and 100-hour EMA at the 1.3505-1.3515 zone. The additional upside filter to watch is near a high of September 15 at 1.3550. Any follow-through buying above the latter will pave the way to a high of September 13 at 1.3586, followed by a psychological round figure at 1.3600.

On the downside, a break below the lower limit of the Bollinger Band of 1.3443 will see a drop to a key contention at 1.3400. The mentioned level represents a psychological figure and a low of August 11. Further south, the next downside stop will emerge at 1.3380 (a low of September 19).

USD/CAD four-hour chart

USD/CAD

Overview
Today last price	1.3487
Today Daily Change	0.0033
Today Daily Change %	0.25
Today daily open	1.3454

Trends
Daily SMA20	1.3545
Daily SMA50	1.3446
Daily SMA100	1.34
Daily SMA200	1.3461

Levels
Previous Daily High	1.3492
Previous Daily Low	1.3453
Previous Weekly High	1.3528
Previous Weekly Low	1.3379
Previous Monthly High	1.364
Previous Monthly Low	1.3184
Daily Fibonacci 38.2%	1.3468
Daily Fibonacci 61.8%	1.3477
Daily Pivot Point S1	1.3441
Daily Pivot Point S2	1.3428
Daily Pivot Point S3	1.3402
Daily Pivot Point R1	1.3479
Daily Pivot Point R2	1.3505
Daily Pivot Point R3	1.3518

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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