USD/CAD Price Analysis: The pair is struggling to find a clear direction

USD/CAD is trading just under flat on Monday as the pair stalls.
There is now a consolidation zone between 1.3491 and 1,3315.

Rajan Dhall, MSTA FX Daily

USD/CAD 4-hour chart

USD/CAD has been consolidating after falling in recent times. The pair has been in a downtrend since hitting a high of 1.4668 on 19th March. The base of this pattern is holding at the consolidation low of 1,3315. Today the dollar has been slightly stronger and the ISM manufacturing data helped the green push higher as it beat the analyst expectations of 53.6 to print at 54.2.

Looking closer at the chart, the last 4-hour candle is pretty bearish but a break of the previous wave low near 1.3372 could mean the aforementioned consolidation low might be tested. If there is a break of the orange support level then the downtrend could be continuing and on the higher timeframes, the next support is 1.3078.

The indicators are showing signs of improving at the moment. The MACD signal lines are just about above the mid-zone and the histogram is still in the green. The Relative Strength Index is at the 50 line but looks like it could dip below again.

It is important to remember that the pair is in a downtrend. Oil is trading higher at the beginning of the week but the market is mixed at the moment. If this market trend is to reverse then the previous wave high of 1.3459 would need to be broken.

Additional levels

USD/CAD

Overview
Today last price	1.3405
Today Daily Change	-0.0007
Today Daily Change %	-0.05
Today daily open	1.3412

Trends
Daily SMA20	1.3493
Daily SMA50	1.3555
Daily SMA100	1.3822
Daily SMA200	1.3524

Levels
Previous Daily High	1.344
Previous Daily Low	1.3372
Previous Weekly High	1.346
Previous Weekly Low	1.3331
Previous Monthly High	1.3646
Previous Monthly Low	1.3331
Daily Fibonacci 38.2%	1.3398
Daily Fibonacci 61.8%	1.3414
Daily Pivot Point S1	1.3376
Daily Pivot Point S2	1.334
Daily Pivot Point S3	1.3309
Daily Pivot Point R1	1.3444
Daily Pivot Point R2	1.3476
Daily Pivot Point R3	1.3511

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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