USD/CAD Technical Analysis: 1.3370 seems next on buyers’ radar

Anil Panchal FXStreet

USD/CAD daily chart

The Canadian Dollar trades positively around 1.3320 against the USD during the early Asian session on Friday.
Successful trading beyond 100-day and 200-day simple moving averages (SMAs) signals brighter chances of the pair’s further advances to January month high near 1.3370.
During the pair’s additional rise past-1.3370, 1.3440 and 1.3565 become important resistances to watch out for before looking at the 1.3660-65 area including highs marked in December January period.
On the downside, 100-day SMA level of 1.3200, followed by 1.3125 figure including 200-day SMA, can entertain sellers before challenging them with 1.3050 and 1.2960 support-line figures.

USD/CAD 4-hour chart

In addition to the January month high on the daily chart, 50% Fibonacci Retracement of December to February downturn also highlights the importance of 1.3365-70 resistance-region, clearing which can accelerate the upmoves to 1.3440, 1.3470 and 1.3490.
Alternatively, the 1.3285 may act as adjacent support for the pair before dragging it to the 1.3200 and then to the 1.3170-65 support-zone.

USD/CAD 1-hour chart

The hourly chart draws 1.3330 horizontal-line as an immediate resistance ahead of diverting market attention to 1.3370.
Meanwhile, an upward sloping trend-line, at 1.3270 now, is likely nearby support for the pair, a break of which can recall 1.3200 on the chart.

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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