USD/CAD Price Analysis: Recovery prods weekly hurdle around mid-1.3400s

USD/CAD struggles to extend the previous day’s rebound from seven-week low.
One-week-old descending resistance line challenge Loonie pair buyers.
Bullish MACD signals, RSI recovery from oversold territory facilitate upside momentum.

Anil Panchal FXStreet

USD/CAD picks up bids to refresh intraday high near 1.3455 as bulls poke a downward-sloping resistance line from the previous Tuesday.

Adding strength to the recovery moves are the bullish MACD signals and the RSI (14) recovery from the oversold territory, which in turn suggests a continuation of the latest rebound.

With this, the Loonie pair buyers are ready to break the immediate hurdle surrounding 1.3460.

Following that, the 61.8% Fibonacci retracement level of February-March upside, near 1.3490 and the 1.3500 round figure could challenge USD/CAD buyers.

In a case where the Loonie pair remains firmer past 1.3500, it can quickly jump to the 50% Fibonacci retracement level of around 1.3560. However, a convergence of the previous support line from early February and the 200-SMA, around 1.3635 at the latest, appears a tough nut to crack for the USD/USD bulls afterward.

On the flip side, the recent low of 1.3405 and the 1.3400 round figure can join the downbeat RSI conditions to challenge the intraday sellers of the USD/CAD pair.

Also acting as the near-term downside filters are the multiple lows marked during early February around 1.3380 and 1.3320.

It’s worth noting that the Year-To-Date low marked in February near 1.3265 acts as the last defense of the USD/CAD buyers

USD/CAD: Four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	1.3455
Today Daily Change	0.0010
Today Daily Change %	0.07%
Today daily open	1.3445

Trends
Daily SMA20	1.367
Daily SMA50	1.3546
Daily SMA100	1.3524
Daily SMA200	1.3381

Levels
Previous Daily High	1.3467
Previous Daily Low	1.3406
Previous Weekly High	1.3745
Previous Weekly Low	1.3508
Previous Monthly High	1.3862
Previous Monthly Low	1.3508
Daily Fibonacci 38.2%	1.3444
Daily Fibonacci 61.8%	1.3429
Daily Pivot Point S1	1.3411
Daily Pivot Point S2	1.3378
Daily Pivot Point S3	1.335
Daily Pivot Point R1	1.3473
Daily Pivot Point R2	1.3501
Daily Pivot Point R3	1.3535

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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