USD/CAD Price Analysis: Struggles at 1.3400, though retraces and stays above the 200-DMA


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  • The USD/CAD lasted two days and was capped at 1.3400 as USD/CAD sellers piled on that area.
  • If USD/CAD buyers reclaim 1.3400, a move towards the 100-day EMA at 1.3500 is on the cards.

The USD/CAD rally was short-lived to just two days, but the pair remains above the 200-day Exponential Moving Average (EMA), suggesting that the neutral bias remains intact. At the time of typing, the USD/CAD is trading at 1.3389, below the 1.3400 figure, after hitting a high of 1.3399.

USD/CAD Price Action

The USD/CAD is neutrally biased, though tilted to the downside, as the exchange rate is some ten pips shy of cracking below the 200-day EMA at 1.3377. The Relative Strength Index (RSI) is in bearish territory but shifted flat, while the Rate of Change (RoC) is about to turn neutral. Therefore, the path of least resistance in the near term could be downwards.

If USD/CAD tumbles below the 200-day EMA, the next support would be the April 14 swing low at 1.3300. A breach of the latter, and the USD/CAD pair will challenge the YTD low at 1.3262 before sliding towards the November 15 daily low at 1.3225, before threatening 1.3200.

On the flip side, if USD/CAD breaks above 1.3400, a rally toward the 20-day EMA At 1.3478 is on the cards, ahead of challenging the 100-day EMA at 1.3500. If buyers reclaim that area, nothing will be on the way toward the 50-day EMA at 1.3523, ahead of testing 1.3600.

USD/CAD Daily Chart

USD/CAD

USD/CAD Technical Levels

USD/CAD

Overview
Today last price 1.3392
Today Daily Change -0.0002
Today Daily Change % -0.01
Today daily open 1.3394
 
Trends
Daily SMA20 1.3532
Daily SMA50 1.3562
Daily SMA100 1.353
Daily SMA200 1.3403
 
Levels
Previous Daily High 1.342
Previous Daily Low 1.3343
Previous Weekly High 1.3554
Previous Weekly Low 1.3301
Previous Monthly High 1.3862
Previous Monthly Low 1.3508
Daily Fibonacci 38.2% 1.3391
Daily Fibonacci 61.8% 1.3372
Daily Pivot Point S1 1.3351
Daily Pivot Point S2 1.3308
Daily Pivot Point S3 1.3273
Daily Pivot Point R1 1.3428
Daily Pivot Point R2 1.3463
Daily Pivot Point R3 1.3506

 

 

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