USD/CAD Price Analysis: Two-week-old trendline keeps buyers hopeful

USD/CAD remains mildly negative amid broad US dollar weakness.
A short-term rising trend line questions the sellers.
Buyers can look for entry beyond the one-week-old resistance trend line.
Today’s US, Canadian employment data should be watched carefully.

Anil Panchal FXStreet

USD/CAD takes rounds to 1.3400, down 0.17%, during early Friday’s trading hours. While failures to cross February month high dragged the quote down, an ascending trend line since February 21, 2020, restricts the pair’s near-term declines.

As a result, the bulls will remain hopeful of confronting the yearly high of 1.3465 on the upside break of the short-term falling trend line, currently near 1.3435.

During the pair’s further upside beyond 1.3465, 1.3500 and May 2019 high near 1.3565 will return to the charts.

Meanwhile, pair’s declines below the short-term support line of 1.3350 may take rest around 1.3320 and 1.3300 levels to the south.

Though, the bears’ dominance past-1.3300 can push them nearer to the previous month low of 1.3202.

USD/CAD four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.3397
Today Daily Change	-23 pips
Today Daily Change %	-0.17%
Today daily open	1.342

Trends
Daily SMA20	1.3305
Daily SMA50	1.3186
Daily SMA100	1.3188
Daily SMA200	1.3209

Levels
Previous Daily High	1.3438
Previous Daily Low	1.3383
Previous Weekly High	1.3465
Previous Weekly Low	1.3225
Previous Monthly High	1.3465
Previous Monthly Low	1.3202
Daily Fibonacci 38.2%	1.3417
Daily Fibonacci 61.8%	1.3404
Daily Pivot Point S1	1.3389
Daily Pivot Point S2	1.3358
Daily Pivot Point S3	1.3334
Daily Pivot Point R1	1.3445
Daily Pivot Point R2	1.3469
Daily Pivot Point R3	1.35

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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