USD/CAD Price Analysis: Struggles around two-week-old resistance trendline

  • USD/CAD struggles to extend the latest gains after comments Alberta’s Premier Jason Kenney.
  • 61.8% and 50% Fibonacci retracement levels can entertain sellers ahead of 1.4010/05 support confluence.
  • An upside beyond Thursday’s top will renew the buying.

Despite trading near three-week high, USD/CAD struggles with the short-term falling trend line while taking rounds to 1.4135 during the early Asian session on Tuesday.

Read: Alberta’s Kenney: Federal government should take more action on oil prices

While the pair’s sustained trading beyond 61.8% Fibonacci retracement of its April 05-13 fall portrays its strength, Thursday’s high near 1.4185 acts as an additional upside barrier beyond the said trend line resistance, currently near 1.4145.

Hence, sellers can’t lose the hope unless USD/CAD prices rally beyond 1.4185. Following that, buyers can aim for the monthly high surrounding 1.4260.

On the downside, 61.8% and 50% Fibonacci retracement levels, respectively around 1.4105 and 1.4060, remain on the bears’ radars.

However, a confluence of 200-HMA and 38.2% Fibonacci retracement near 1.4010/05 could question further downside.

USD/CAD hourly chart

Trend: Pullback expected

Additional important levels

Today last price 1.414
Today Daily Change 0.0140
Today Daily Change % 1.00%
Today daily open 1.4
Daily SMA20 1.4098
Daily SMA50 1.3774
Daily SMA100 1.3457
Daily SMA200 1.3339
Previous Daily High 1.4118
Previous Daily Low 1.3999
Previous Weekly High 1.4182
Previous Weekly Low 1.3856
Previous Monthly High 1.4668
Previous Monthly Low 1.3315
Daily Fibonacci 38.2% 1.4045
Daily Fibonacci 61.8% 1.4073
Daily Pivot Point S1 1.396
Daily Pivot Point S2 1.392
Daily Pivot Point S3 1.3842
Daily Pivot Point R1 1.4079
Daily Pivot Point R2 1.4158
Daily Pivot Point R3 1.4198



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

Get Weekly Crypto trade ideas!  
Empower yourself with the best market insights

Join FXStreet Premium!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD stabilizes after US retail sales smash estimates

EUR/USD has bounced off its lows but remains below 1.20 after US retail sales smashed estimates with a 9.8% leap. Moreover, jobless claims tumbled to 576,000. Markets are digesting the big bulk of data.


GBP/USD rises toward 1.38 ahead of US data, Brexit meeting

GBP/USD is edging up toward 1.38, reversing its previous falls in tense trading ahead of all-important US retail sales. A Brexit-related meeting on Northern Ireland is also eyed. 


ETH seizes the spotlight as BTC and XRP contemplate retracement

Bitcoin price shows a correction in play after the MRI flashed a red ‘one’ cycle top signal. Ethereum shows a strong trend continuation while the rest of the market experiences a minor pullback. 

Read more

XAU/USD closes in on key $1,750 resistance

XAU/USD rises on Thursday supported by falling US T-bond yields. Gold faces a resistance at $1,750 in the near term. A downward correction to $1,740 is likely if XAU/USD fails to clear $1,750.

Gold News

Breaking: Citi (C) beats on EPS and revenue, investment banking booms!

Citigroup (NYSE:C) reports Q1 2021 earnings showing strong growth in investment banking following on from Goldman smashing it on Wednesday. Citi shares are trading $74.20 in pre-market up nearly 2%.

Read more