USD/CAD Technical Analysis: Bulls gearing up for a move towards monthly tops, around 1.3465-70 region

Haresh Menghani FXStreet

• The pair built on this week's goodish bounce from 100-day EMA and continued gaining positive traction for the second consecutive session on the last trading day of the week.

• The mentioned support coincides with a short-term descending trend-line resistance break-point and should act as a key pivotal point for the pair's near-term directional move.

• Bullish oscillators on the daily chart support prospects for additional gains, albeit slightly overbought conditions on the 1-hourly chart seemed to cap any meaningful up-move.

• Hence, any pull-back to 1.3380-75 region might now be seen as a buying opportunity for an eventual bullish target towards monthly swing highs, around the 1.3465-70 region.

USD/CAD daily chart

USD/CAD

Overview
Today last price	1.3405
Today Daily Change	0.0040
Today Daily Change %	0.30
Today daily open	1.3365

Trends
Daily SMA20	1.3306
Daily SMA50	1.3268
Daily SMA100	1.3311
Daily SMA200	1.3194

Levels
Previous Daily High	1.34
Previous Daily Low	1.3276
Previous Weekly High	1.344
Previous Weekly Low	1.3287
Previous Monthly High	1.3341
Previous Monthly Low	1.3069
Daily Fibonacci 38.2%	1.3353
Daily Fibonacci 61.8%	1.3323
Daily Pivot Point S1	1.3293
Daily Pivot Point S2	1.3222
Daily Pivot Point S3	1.3168
Daily Pivot Point R1	1.3418
Daily Pivot Point R2	1.3472
Daily Pivot Point R3	1.3543

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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