USD/CAD Price Analysis: The pair meets some strong resistance at 1.37

USD/CAD is trading just under flat after being in the black for most of Wednesday.
The price has now found some intraday support at 1.3550.

Rajan Dhall, MSTA FX Daily

USD/CAD 4-hour chart

USD/CAD has moved lower in the EU session after pushing higher to hit 1.37 during Wednesday's (yesterday's) Asian market hours. Now the price has settled just above the 1.3550 area. Interestingly, the price broke higher past the red downward sloping trendline but then subsequently broke the pattern low. After the apex of the pattern, the price is now hanging between the two trendlines stuck.

If the previous wave low at 1.35 breaks then the pair could go on to test the support level at the low of the chart marked in blue. On the upside, the key level is still the consolidation high just above 1.37. If the level breaks then the orange line at 1.3850 could be the next target.

The Relative Strength Index and MACD both have bearish signals. The Relative Strength Index is under the 50 line but still has space to hit the oversold level at 30. The MACD signal lines have both crossed under the mid-line and the histogram is also firmly in the red.

Additional levels

USD/CAD

Overview
Today last price	1.3586
Today Daily Change	0.0011
Today Daily Change %	0.08
Today daily open	1.3575

Trends
Daily SMA20	1.3551
Daily SMA50	1.3795
Daily SMA100	1.3802
Daily SMA200	1.3491

Levels
Previous Daily High	1.37
Previous Daily Low	1.357
Previous Weekly High	1.3716
Previous Weekly Low	1.3486
Previous Monthly High	1.3802
Previous Monthly Low	1.3316
Daily Fibonacci 38.2%	1.362
Daily Fibonacci 61.8%	1.365
Daily Pivot Point S1	1.3531
Daily Pivot Point S2	1.3486
Daily Pivot Point S3	1.3401
Daily Pivot Point R1	1.366
Daily Pivot Point R2	1.3744
Daily Pivot Point R3	1.3789

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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