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

Overview
Today last price 1.414
Today Daily Change 0.0140
Today Daily Change % 1.00%
Today daily open 1.4
 
Trends
Daily SMA20 1.4098
Daily SMA50 1.3774
Daily SMA100 1.3457
Daily SMA200 1.3339
 
Levels
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

 

 

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