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USD/CAD Price Analysis: The first upside barrier is seen at 1.3460

USD/CAD trades in positive territory for two straight days, adding 0.03% on the day.
The pair is poised to cross above the key EMA; RSI indicator returns to bullish territory above the 50-midline.
The first upside barrier is located at 1.3460; 1.3395 acts as an initial support level for USD/CAD.

Lallalit Srijandorn FXStreet

The USD/CAD pair extends the rally around 1.3550 during the early European trading hours on Thursday. The US Dollar (USD) has attracted some buyers following the Federal Reserve (Fed) meeting on Wednesday. The Fed committee agreed unanimously to keep the benchmark Federal Funds Rate at between 5.25% and 5.5% for the fourth straight month. Additionally, the decline in oil prices exerts some selling pressure on the commodity-linked Canadian Dollar (CAD) and acts as a tailwind for the USD/CAD pair.

According to the four-hour chart, USD/CAD is set to cross above the 50- and 100-period Exponential Moving Averages (EMA). The uptrend to resume once the pair can cross above the mentioned level decisively. It’s worth noting that the Relative Strength Index (RSI) returns to bullish territory above the 50-midline, supporting the buyers for the time being.

The upper boundary of the Bollinger Band at 1.3460 will be the immediate resistance level for the pair. Any follow-through buying above 1.3461 will see a rally to the 1.3500 psychological round figure. Further north, the next hurdle is seen at a high of January 25 at 1.3535.

On the other hand, a low of January 30 at 1.3395 acts as an initial support level for USD/CAD. A bearish breakout below the lower limit of the Bollinger Band at 1.3378 will pave the way to a low of January 31 at 1.3358, followed by the 1.3300 round figure, and finally near a low of January 2 at 1.3228.

USD/CAD four-hour chart

USD/CAD

Overview
Today last price	1.3449
Today Daily Change	0.0006
Today Daily Change %	0.04
Today daily open	1.3443

Trends
Daily SMA20	1.3433
Daily SMA50	1.3439
Daily SMA100	1.3554
Daily SMA200	1.3479

Levels
Previous Daily High	1.3446
Previous Daily Low	1.3359
Previous Weekly High	1.3535
Previous Weekly Low	1.3414
Previous Monthly High	1.3542
Previous Monthly Low	1.3229
Daily Fibonacci 38.2%	1.3412
Daily Fibonacci 61.8%	1.3392
Daily Pivot Point S1	1.3386
Daily Pivot Point S2	1.3329
Daily Pivot Point S3	1.3299
Daily Pivot Point R1	1.3473
Daily Pivot Point R2	1.3502
Daily Pivot Point R3	1.3559

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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USD/CAD four-hour chart

USD/CAD

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