USD/CAD Price Analysis: Trades higher around 1.3820 followed by the previous week’s high

USD/CAD could achieve the 1.3850 psychological level followed by the previous week’s high.
Technical indicators suggest bullish momentum to revisit the yearly high at 1.3898 level.
The psychological level at 1.3800 emerges as the immediate support followed by the 14-day EMA.

Akhtar Faruqui FXStreet

USD/CAD bids higher around 1.3820 during the early European session on Tuesday, followed by the immediate resistance region around 1.3850 lined up with the previous week’s high at 1.3854 level.

The 14-day Relative Strength Index (RSI) is positioned above the 50 level, indicating upward support. This signals a bullish momentum and reflects a robust market sentiment.

The Moving Average Convergence Divergence (MACD) line is situated above the centerline but shows convergence below the signal line, which suggests a potential momentum shift toward bearish sentiment in the USD/CAD pair.

Market participants adopt a cautious stance before US inflation data, higher than anticipated figures could boost the US Dollar (USD) and in return, the USD/CAD pair could revisit the yearly high at 1.3898 level.

On the downside, the USD/CAD could meet the key support around the psychological level at 1.3800, followed by the 14-day Exponential Moving Average (EMA) at 1.3778. A decisive break below the latter could force the USD/CAD pair to navigate the region around the 23.6% Fibonacci retracement level at 1.3706 aligned to the 1.3700 significant level.

USD/CAD: Daily Chart

USD/CAD: other technical levels to watch

Overview
Today last price	1.3826
Today Daily Change	0.0024
Today Daily Change %	0.17
Today daily open	1.3802

Trends
Daily SMA20	1.3767
Daily SMA50	1.3656
Daily SMA100	1.3505
Daily SMA200	1.3503

Levels
Previous Daily High	1.3832
Previous Daily Low	1.3777
Previous Weekly High	1.3855
Previous Weekly Low	1.3629
Previous Monthly High	1.3892
Previous Monthly Low	1.3562
Daily Fibonacci 38.2%	1.3811
Daily Fibonacci 61.8%	1.3798
Daily Pivot Point S1	1.3776
Daily Pivot Point S2	1.3749
Daily Pivot Point S3	1.3721
Daily Pivot Point R1	1.383
Daily Pivot Point R2	1.3858
Daily Pivot Point R3	1.3884

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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