USD/CAD Price Analysis: Struggles to justify downside break of short-term triangle above 1.3200


  • USD/CAD keeps bounces off 1.3192 despite failing to cross 1.3230 immediate resistance.
  • Bullish MACD, normal RSI conditions suggest further recovery.
  • A confluence of 100-HMA, weekly resistance line offers strong upside barrier.

USD/CAD seesaws around 1.3220 during the pre-Tokyo open trading on Friday. The loonie pair recently slipped below an immediate descending triangle. However, the downside couldn’t last longer than 1.3192 as RSI turned oversold around then. The following consolidation gains support from upbeat MACD to suggest further recovery moves.

Though, buyers are less likely to take a risk of entry unless the pair successfully crosses 1.3230, which if happens will help the bulls attack Tuesday’s low near 1.3270.

In a case where the pair remains firmer past-1.3270, a joint to 100-HMA and a descending trend line form Monday, at 1.3300, will be the key to watch.

On the downside, 1.3200 and the recent low near 1.3190 may entertain the sellers during the fresh declines.

If bears refrain from respecting momentum indicators around 1.3190, January 23 high near 1.3170 can offer an additional filter to the downside before highlighting the 1.3100 threshold.

USD/CAD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 1.3223
Today Daily Change -23 pips
Today Daily Change % -0.17%
Today daily open 1.3246
 
Trends
Daily SMA20 1.3393
Daily SMA50 1.3493
Daily SMA100 1.374
Daily SMA200 1.3532
 
Levels
Previous Daily High 1.3347
Previous Daily Low 1.3229
Previous Weekly High 1.3451
Previous Weekly Low 1.3234
Previous Monthly High 1.3646
Previous Monthly Low 1.3331
Daily Fibonacci 38.2% 1.3274
Daily Fibonacci 61.8% 1.3302
Daily Pivot Point S1 1.3201
Daily Pivot Point S2 1.3156
Daily Pivot Point S3 1.3083
Daily Pivot Point R1 1.3319
Daily Pivot Point R2 1.3392
Daily Pivot Point R3 1.3437

 

 

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