USD/CAD Price Analysis: Renews multi-day top on firmer US Dollar, Oil’s retreat, 1.3360 in focus

USD/CAD justifies 21-EMA breakout to refresh three-week high.
Risk-aversion, hawkish Fed bets underpin US Dollar run-up, weigh on Oil price.
Upbeat oscillators suggest further upside towards 50-EMA, support-turned-resistance line confluence.
Mid-tier US, Canada statistics eyed for clear directions past 1.3360.

Anil Panchal FXStreet

USD/CAD picks up bids to refresh the highest levels in three weeks around 1.3305 heading into Thursday’s European session.

In doing so, the Loonie pair takes clues from the market’s broad risk aversion which propels the US Dollar while weighing on the prices of commodities and antipodeans. It’s worth noting that the grim concerns about China, one of the world’s biggest commodity users exert additional downside pressure on the Oil Price, which in turn propels the major currency pair due to Canada’s reliance on energy export as the key earning source.

Also read: Asian stocks drop as S&P500 Futures slide to 4,470, US Treasury bond yields refresh three-month high

Technically, a clear upside break of the 21-Exponential Moving Average (EMA), around 1.3275 by the press time, joins the bullish MACD signals and upbeat RSI (14) line, not overbought, to propel the Loonie pair.

That said, lows marked during April and May near 1.3300 and 1.3315 restrict immediate upside of the USD/CAD pair ahead of the key 1.3360 resistance confluence comprising the 50-EMA and previous support line stretched from February.

On the flip side, pullback in the USD/CAD price remains elusive unless staying beyond the one-week-old rising support line, near 1.3245 at the latest.

Following that, the 1.3200 round figure and the latest multi-month low marked the last week around 1.3115 can’t be ruled out.

USD/CAD: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	1.3302
Today Daily Change	0.0021
Today Daily Change %	0.16%
Today daily open	1.3281

Trends
Daily SMA20	1.3247
Daily SMA50	1.3402
Daily SMA100	1.3491
Daily SMA200	1.3507

Levels
Previous Daily High	1.3293
Previous Daily Low	1.322
Previous Weekly High	1.3285
Previous Weekly Low	1.3117
Previous Monthly High	1.3585
Previous Monthly Low	1.3117
Daily Fibonacci 38.2%	1.3265
Daily Fibonacci 61.8%	1.3248
Daily Pivot Point S1	1.3236
Daily Pivot Point S2	1.3192
Daily Pivot Point S3	1.3163
Daily Pivot Point R1	1.3309
Daily Pivot Point R2	1.3338
Daily Pivot Point R3	1.3382

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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