USD/CAD Price Analysis: Seesaws inside ascending triangle below 1.3400

USD/CAD marks another U-turn from 1.3418 to revisit the sub-1.3400 area.
Triangle’s support, 200-HMA offer strong challenges to sellers.
The late-July top adds to the upside barriers.

Anil Panchal FXStreet

USD/CAD eases to 1.3383 during the pre-Tokyo open trading on Wednesday. The loonie pair has so far been rejected thrice from 1.3418 upside resistance despite following a one-week-old support line. As a result, a short-term ascending triangle pattern appears on the hourly chart above 200-HMA.

Multiple pullbacks from 1.3418 join receding strength of the RSI to suggest the quote’s declines to the triangle’s support line, currently around 1.3355.

However, 200-HMA and September 22 low, respectively near 1.3320 and 1.3280, will be strongly challenging the bears below 1.3355.

On the contrary, USD/CAD rise past-1.3418 will need validation from July 30 high close to 1.3460 to convince buyers.

Following that, the June 23 low surrounding 1.3485 and the 1.3500 round-figures can return to the charts.

USD/CAD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.3383
Today Daily Change	12 pips
Today Daily Change %	0.09%
Today daily open	1.3371

Trends
Daily SMA20	1.3209
Daily SMA50	1.3252
Daily SMA100	1.3458
Daily SMA200	1.3526

Levels
Previous Daily High	1.3404
Previous Daily Low	1.3354
Previous Weekly High	1.3418
Previous Weekly Low	1.3171
Previous Monthly High	1.3451
Previous Monthly Low	1.302
Daily Fibonacci 38.2%	1.3373
Daily Fibonacci 61.8%	1.3385
Daily Pivot Point S1	1.3349
Daily Pivot Point S2	1.3327
Daily Pivot Point S3	1.33
Daily Pivot Point R1	1.3399
Daily Pivot Point R2	1.3426
Daily Pivot Point R3	1.3448

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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