USD/CAD Price Analysis: The price breaks the wave low on the intraday chart and there are some other support zones to watch on the higher timeframes


  • USD/CAD trades half a percent lower on Thursday.
  • The greenback has struggled on the session and a strong oil price has helped CAD.

USD/CAD weekly chart

On the daily chart USD/CAD has nearly broken to a new wave low. The main support on the chart is 1.3314 and the Tuesday low stands at 1.3318. If the wave low breaks the chart below could help determine where the next support could be. 

The black resistance line has been used on many occasions as both support and resistance. It is holding around the 1.32 area and there although the current zone is also firm the level at 1.30 could be even stronger. Also around the general area is the red upward sloping trendline. The trendline has three touches making it significant and a break would be a telling sign. 

The Relative Strength Index is under the 50 line and heading to the oversold area. At the moment there is still room to move to the downside. The MACD is also looking bearish. The histogram is red and the signal lines are also about to cross the midpoint. 

Overall, in the medium term, this is still a downtrend. A break of the aforementioned red trendline would confirm the bearishness. There could be some support at 1.32 but it could only be short term. Much will depend on how far this current dollar move south can continue. 

USD/CAD technicals

Additional levels

USD/CAD

Overview
Today last price 1.3326
Today Daily Change -0.0065
Today Daily Change % -0.49
Today daily open 1.3391
 
Trends
Daily SMA20 1.3486
Daily SMA50 1.3543
Daily SMA100 1.3816
Daily SMA200 1.3526
 
Levels
Previous Daily High 1.3451
Previous Daily Low 1.338
Previous Weekly High 1.346
Previous Weekly Low 1.3331
Previous Monthly High 1.3646
Previous Monthly Low 1.3331
Daily Fibonacci 38.2% 1.3408
Daily Fibonacci 61.8% 1.3424
Daily Pivot Point S1 1.3364
Daily Pivot Point S2 1.3337
Daily Pivot Point S3 1.3293
Daily Pivot Point R1 1.3435
Daily Pivot Point R2 1.3478
Daily Pivot Point R3 1.3505

 

 

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