USD/CAD technical analysis: 200-DMA holds the key to 1.3350/55 resistance-confluence

USD/CAD struggles around 50% Fibonacci retracement of May-July downpour.
Upbeat RSI, one-week-old rising trend-line favors break of 200-DMA.
61.8% Fibonacci retracement, 3.5-month-long resistance-line becomes the key.

Anil Panchal FXStreet

Not only one-week-old rising trend-line but upbeat relative strength index (RSI) also favors the USD/CAD pair’s upside as it takes the bids to 1.3290 amid initial trading session on Thursday.

The 200-day simple moving average (DMA) near 1.3310 becomes immediate resistance to watch during the pair’s further upside, a break of which could escalate the run-up towards 1.3350/55 resistance-confluence including 61.8% Fibonacci retracement and a downward sloping trend-line since May-end.

Should there be further upside beyond 1.3355, monthly top surrounding 1.3385 and June 18 high near 1.3435 could flash on buyers’ radar.

Meanwhile, a downside break below 1.3255 support-line can recall 38.2% Fibonacci retracement level of 1.3226 whereas monthly low near 1.3134 will challenge sellers afterward.

USD/CAD daily chart

Trend: bullish

additional important levels

Overview
Today last price	1.3294
Today Daily Change	4 pips
Today Daily Change %	0.03%
Today daily open	1.329

Trends
Daily SMA20	1.3256
Daily SMA50	1.3214
Daily SMA100	1.3272
Daily SMA200	1.3312

Levels
Previous Daily High	1.331
Previous Daily Low	1.3238
Previous Weekly High	1.329
Previous Weekly Low	1.3134
Previous Monthly High	1.3346
Previous Monthly Low	1.3178
Daily Fibonacci 38.2%	1.3283
Daily Fibonacci 61.8%	1.3266
Daily Pivot Point S1	1.3249
Daily Pivot Point S2	1.3208
Daily Pivot Point S3	1.3177
Daily Pivot Point R1	1.3321
Daily Pivot Point R2	1.3352
Daily Pivot Point R3	1.3393

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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