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

 

 

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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.

EUR/USD News

GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.

GBP/USD News

XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI once again breaks $40 per barrel after trading lower in early EU trade

There has been quite the bounce in WTI since the EU session after some strong selling pressure during Thursday and overnight. Once again on Friday's session, the price has taken the USD 40 per barrel handle. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures