USD/CAD Price Analysis: Resistance-turned-support trendline favors bulls above 1.3600


  • USD/CAD stays pressured after failing to keep the bounce off 1.3650.
  • A descending trend line from May 10, an upward-sloping line from June 10 question short-term sellers.
  • Bulls await a clear break of 1.3715 for fresh entries.

USD/CAD recedes to 1.3660 during Tuesday’s Asian session. Even so, the loonie pair stays above a short-term descending trend line, previous resistance, while also staying above the immediate support line.

As a result, the bulls might again challenge the monthly horizontal resistance around 1.3715 to aim for the late-May top surrounding 1.3830. Though, oversold RSI conditions might confine the pair’s additional upside, if not then May 19 low near 1.3870 could lure the bulls.

Meanwhile, the pair’s declines below the stated resistance-turned-support, at 1.3630 now, could fetch the quote to a short-term support line, currently around 1.3570. If at all the sellers dominate below 1.3570, 1.3500 and June 23 bottom close to 1.3485 can flash on the bears’ radars.

If at all there prevails a further weakness under 1.3485, traders’ odds of refreshing the monthly low of 1.3390 can’t be ruled out.

USD/CAD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 1.3668
Today Daily Change 9 pips
Today Daily Change % 0.07%
Today daily open 1.3659
 
Trends
Daily SMA20 1.3548
Daily SMA50 1.3807
Daily SMA100 1.3799
Daily SMA200 1.349
 
Levels
Previous Daily High 1.3705
Previous Daily Low 1.3647
Previous Weekly High 1.3716
Previous Weekly Low 1.3486
Previous Monthly High 1.4173
Previous Monthly Low 1.3715
Daily Fibonacci 38.2% 1.3669
Daily Fibonacci 61.8% 1.3683
Daily Pivot Point S1 1.3636
Daily Pivot Point S2 1.3613
Daily Pivot Point S3 1.3578
Daily Pivot Point R1 1.3694
Daily Pivot Point R2 1.3728
Daily Pivot Point R3 1.3751

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

AUD/USD turns south toward 0.6400 after mixed Australian jobs data

AUD/USD turns south toward 0.6400 after mixed Australian jobs data

AUD/USD has come under renewed selling pressure and turned south toward 0.6400 after Australian employment data pointed to loosening labor market conditions, fanning RBA rate cut expectations and weighing on the Aussie Dollar. 

AUD/USD News

USD/JPY remains below 154.50 amid weaker US Dollar

USD/JPY remains below 154.50 amid weaker US Dollar

USD/JPY keeps losses for the second successive session, trading below 154.50 in Asian trading on Thursday. The pair is undermined by the latest US Dollar pullback, Japan's FX intervention risks and a softer risk tone. 

USD/JPY News

Gold price finds buyers again near $2,355 as USD licks its wounds

Gold price finds buyers again near $2,355 as USD licks its wounds

Gold price is attempting a tepid bounce in the Asian session, having found fresh demand near $2,355 once again. Gold price capitalizes on a softer risk tone and an extended weakness in the US Treasury bond yields, despite the recent hawkish Fed commentary. 

Gold News

OMNI post nearly 50% loss after airdrop and exchange listing

OMNI post nearly 50% loss after airdrop and exchange listing

Omni network lost nearly 50% of its value on Wednesday after investors dumped the token following its listing on top crypto exchanges. A potential reason for the crash may be due to the wider crypto market slump.

Read more

Investors hunkering down

Investors hunkering down

Amidst a relentless cautionary deluge of commentary from global financial leaders gathered at the International Monetary Fund and World Bank Spring meetings in Washington, investors appear to be taking a hiatus after witnessing significant market movements in recent weeks.

Read more

Forex MAJORS

Cryptocurrencies

Signatures