USD/CAD Price Analysis: Stalled its rally at the 100-DMA, dropped beneath 1.3400

USD/CAD finished Friday’s session with gains, though it faltered to clear 1.3400.
USD/CAD Price Analysis: Exposed to selling pressure below 1.3400.

Christian Borjon Valencia FXStreet

The USD/CAD prolonged its weekly losses and tumbled for the fourth consecutive week, losing 0.36%, but on the day, the USD/CAD is up 0.22%. After the University of Michigan (UoM) Consumer Sentiment release showed that sentiment improved, it weighed on the US Dollar (USD). Therefore, the USD/CAD is trading at 1.3393, below its opening price by 0.37%.

USD/CAD Price Analysis: Technical outlook

Once the USD/CAD dropped below the 100-day Exponential Moving Average (EMA) at 1.3425, it was the seller’s excuse to drag the exchange rate below the 1.3400 mark. The Relative Strength Index (RSI) is still in bearish territory, suggesting that sellers are in charge. The Rate of Change (RoC) shows sellers are gathering momentum, as they outweighed buyers in Friday’s session, though it wasn’t enough to keep the pair in the green.

The USD/CAD first support level would be the November 24 daily low of 1.3316. A breach of the latter will expose the 200-day Exponential Moving Average (EMA) at 1.3239, followed by the 1.3200 figure.

On the other hand, the USD/CAD first resistance would be 1.3400. Once cleared, the bear’s next line of defense would be the 100-day EMA at 1.3425, ahead of the confluence of the 20-day EMA and the 1.3500 mark.

USD/CAD Key Technical Levels

USD/CAD

Overview
Today last price	1.3392
Today Daily Change	0.0030
Today Daily Change %	0.22
Today daily open	1.3362

Trends
Daily SMA20	1.3549
Daily SMA50	1.35
Daily SMA100	1.3493
Daily SMA200	1.3165

Levels
Previous Daily High	1.3461
Previous Daily Low	1.3345
Previous Weekly High	1.3685
Previous Weekly Low	1.3433
Previous Monthly High	1.3705
Previous Monthly Low	1.3385
Daily Fibonacci 38.2%	1.339
Daily Fibonacci 61.8%	1.3417
Daily Pivot Point S1	1.3318
Daily Pivot Point S2	1.3274
Daily Pivot Point S3	1.3202
Daily Pivot Point R1	1.3434
Daily Pivot Point R2	1.3506
Daily Pivot Point R3	1.355

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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