- USD/CAD renews intraday low, prints the first daily loss in three around monthly top.
- Key resistance line prods Loonie pair bulls but oscillators, previous run-up suggest the quote’s further advances.
- Convergence of 50-DMA, three-week-long rising trend line challenges bears.
USD/CAD retreats from the previous monthly high, refreshing intraday low near 1.3625 at the latest, as Loonie buyers return after a two-day recess.
In doing so, the quote portrays a U-turn from a downward-sloping resistance line from March 28, close to 1.3650 by the press time.
The pullback moves, however, appear less impressive as the quote keeps the mid-week breakout of the previous key resistance line stretched from early March amid bullish MACD signals and an upbeat RSI (14) line, not overbought.
Hence, the USD/CAD pair’s pullback remains elusive beyond the resistance-turned-support line of around 1.3560.
Even if the quote breaks the 1.3560 support, a convergence of the 50-DMA and a three-week-long rising trend line, close to 1.3525 at the latest, could challenge the USD/CAD pair sellers before giving them control.
In that case, the 61.8% Fibonacci retracement of February-March upside, near 1.3490, can prod the pair’s downward trajectory targeting an upward-sloping support line from February, around 1.3380.
Alternatively, a daily closing beyond the immediate resistance line surrounding 1.3650 needs validation from the previous monthly high of nearly 1.3670 to recall the Loonie pair buyers.
Following that, the yearly high marked in March around 1.3860 will gain the market’s attention.
USD/CAD: Daily chart
Additional important levels
|Today last price||1.3622|
|Today Daily Change||-0.0019|
|Today Daily Change %||-0.14%|
|Today daily open||1.3641|
|Previous Daily High||1.3645|
|Previous Daily Low||1.3586|
|Previous Weekly High||1.3568|
|Previous Weekly Low||1.3404|
|Previous Monthly High||1.3668|
|Previous Monthly Low||1.3301|
|Daily Fibonacci 38.2%||1.3623|
|Daily Fibonacci 61.8%||1.3609|
|Daily Pivot Point S1||1.3603|
|Daily Pivot Point S2||1.3566|
|Daily Pivot Point S3||1.3545|
|Daily Pivot Point R1||1.3662|
|Daily Pivot Point R2||1.3682|
|Daily Pivot Point R3||1.372|
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.
Follow us on Telegram
Stay updated of all the news
EUR/USD battles 1.0700 after mixed Eurozone data
EUR/USD has come under renewed selling pressure, battling 1.0700 after mixed Eurozone Retail Sales data for April. The pair remains undermined by the cautious market mood, disappointing German Factory Orders and a broad US Dollar rebound.
GBP/USD turns south toward 1.2400 as US Dollar recovers
GBP/USD is heading south toward 1.2400, meeting fresh supply in the European session. The US Dollar is seeing renewed safe-haven buying amid a risk-off market profile, acting as a headwind to the pair.
Gold oscillates around $1,960 amid mixed responses to Fed’s June policy
Gold price is auctioning inside the woods around $1,960.00 in the early London session. The precious metal is displaying back-and-forth action as the investing community is divided about the interest rate decision by the Fed to be taken in June’s monetary policy meeting.
Is the metaverse hype back in action?
Although there are no major macroeconomic events this week, investors can expect massive volatility on a daily basis. The reasoning behind this outlook is that Apple will be conducting the 2023 Apple Worldwide Developers Conference (WWDC) on June 5.
Markets are likely to focus on ECB commentary
This is a very quiet week in terms of data and hence markets are likely to focus on last minute central bank commentary. The FOMC blackout period kicked off already on Sunday, but today we have a bunch of ECB speakers on the wires.