USD/CAD Technical Analysis: Bulls continue to show resilience near 1-month-old ascending trend-channel

Haresh Menghani FXStreet

• The pair continued showing some resilience below 100-period SMA on the 4-hourly chart and once again managed to regain positive traction from closer to a support marked by one-month-old ascending trend-channel.

• The uptick, however, seemed lacking any strong conviction/follow-through and remained capped below the 1.3200 handle, amid a subdued USD price action and the prevalent strong bullish sentiment around crude oil prices.

• Moreover, technical indicators on the above-mentioned chart have also started drifting into negative territory, albeit remained supportive of the recent upsurge since early Oct. on the daily chart.

• Hence, it would be prudent to wait for a convincing break through the 100-period SMA/ascending trend-channel support before confirming that the pair might have already topped out in the near-term.

USD/CAD 4-hourly chart

USD/CAD

Overview:
    Last Price: 1.3175
    Daily change: 17 pips
    Daily change: 0.129%
    Daily Open: 1.3158
Trends:
    Daily SMA20: 1.314
    Daily SMA50: 1.3045
    Daily SMA100: 1.3067
    Daily SMA200: 1.2967
Levels:
    Daily High: 1.3191
    Daily Low: 1.3127
    Weekly High: 1.3264
    Weekly Low: 1.3127
    Monthly High: 1.3172
    Monthly Low: 1.2783
    Daily Fibonacci 38.2%: 1.3151
    Daily Fibonacci 61.8%: 1.3167
    Daily Pivot Point S1: 1.3126
    Daily Pivot Point S2: 1.3095
    Daily Pivot Point S3: 1.3062
    Daily Pivot Point R1: 1.319
    Daily Pivot Point R2: 1.3222
    Daily Pivot Point R3: 1.3254

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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