USD/CAD Price Analysis: Tests psychological barrier of 1.3600 ahead of ISM Services PMI

USD/CAD could test the psychological resistance at 1.3600 on Tuesday.
Technical analysis suggests a confirmation of the bullish trend for the pair.
The key support area appears around the nine-day EMA at 1.3552 and the major support of 1.3550.

Akhtar Faruqui FXStreet

USD/CAD extends its winning streak for the second session on Tuesday amid a stable US Dollar (USD), which could be attributed to the risk aversion ahead of the key economic data from the United States (US). The USD/CAD pair inches higher to near 1.3590 during the Asian trading hours.

The technical analysis of the 14-day Relative Strength Index (RSI) is positioned above 50, suggesting bullish momentum for the USD/CAD pair to surpass the psychological resistance of 1.3600 following the major barrier of 1.3650.

Furthermore, the lagging indicator, Moving Average Convergence Divergence (MACD), indicates a confirmation of a bullish trend for the USD/CAD pair. This interpretation is based on the MACD line's position above the centerline and the signal line.

On the downside, the USD/CAD pair could find the key support region around the nine-day Exponential Moving Average (EMA) at 1.3552 aligned with the major support level of 1.3550. A break below this zone could prompt the pair to navigate the further support region around the 23.6% Fibonacci retracement level at 1.3505, in conjunction with the psychological level of 1.3500.

USD/CAD: Daily Chart

(This story was corrected on March 5 at 09:55 GMT to say, in the first bullet point, that the USD/CAD pair could test the 1.3600 level on Tuesday, not Monday.)

USD/CAD

Overview
Today last price	1.3591
Today Daily Change	0.0015
Today Daily Change %	0.11
Today daily open	1.3576

Trends
Daily SMA20	1.3510
Daily SMA50	1.3442
Daily SMA100	1.3538
Daily SMA200	1.3478

Levels
Previous Daily High	1.3584
Previous Daily Low	1.3546
Previous Weekly High	1.3606
Previous Weekly Low	1.3484
Previous Monthly High	1.3606
Previous Monthly Low	1.3366
Daily Fibonacci 38.2%	1.3569
Daily Fibonacci 61.8%	1.3560
Daily Pivot Point S1	1.3553
Daily Pivot Point S2	1.3530
Daily Pivot Point S3	1.3515
Daily Pivot Point R1	1.3591
Daily Pivot Point R2	1.3607
Daily Pivot Point R3	1.3630

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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