USD/CAD Price Analysis: Regains 1.3300 amid fresh US-Canada tussle

USD/CAD extends previous day’s gains as US and Canada jostle over Aluminum tariffs.
A short-term ascending trend channel keeps the buyers hopeful.
100-HMA adds strength to the channel’s resistance line.

Anil Panchal FXStreet

USD/CAD rises to 1.3321, up 0.16% on a day, during the early Asian session on Friday. The pair bounced off the lowest since February on Thursday. However, it’s the US announcement of re-imposing aluminum tariffs on Canada that favors the pair’s recent upside.

Read: Canadian deputy PM Freeland: US tariffs on Canadian aluminium products are 'unwarranted' and unacceptable

While portraying the same, the loonie pair follows and ascending trend channel formation that directs the bulls towards 1.3335/40 area comprising the channel’s upper line and 100-HMA.

If bulls manage to keep the upside beyond 1.3340, 61.8% Fibonacci retracement of August 03-05 upside near 1.3370 can offer an intermediate halt during the rise to 1.3420.

Meanwhile, a downside break of 1.3285 mark including the channel’s support and 23.6% Fibonacci retracement could again attack February month’s low of 1.3202.

USD/CAD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.332
Today Daily Change	53 pips
Today Daily Change %	0.40%
Today daily open	1.3267

Trends
Daily SMA20	1.3459
Daily SMA50	1.3524
Daily SMA100	1.3795
Daily SMA200	1.3528

Levels
Previous Daily High	1.3331
Previous Daily Low	1.3234
Previous Weekly High	1.346
Previous Weekly Low	1.3331
Previous Monthly High	1.3646
Previous Monthly Low	1.3331
Daily Fibonacci 38.2%	1.3271
Daily Fibonacci 61.8%	1.3294
Daily Pivot Point S1	1.3223
Daily Pivot Point S2	1.318
Daily Pivot Point S3	1.3126
Daily Pivot Point R1	1.3321
Daily Pivot Point R2	1.3374
Daily Pivot Point R3	1.3418

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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