USD/CAD technical analysis: Buyers again target 3-week old resistance-line

Sustained momentum strength indicates the pair’s ability to confront near-term important resistance.
The further upside seems doubtful considering RSI and repeated failures to cross resistance-line.

Anil Panchal FXStreet

Having bounced off the 50% Fibonacci retracement of April month upside, USD/CAD is on the bids around 1.3475 ahead of Europe open on Friday.

A descending trend-line stretched since late-April at 1.3500 seems to be of immediate interest to buyers, a break of which can propel the rise towards April high near 1.3525.

However, gradually increasing 14-bar relative strength index (RSI) might create a problem for the quote’s increase beyond 1.3525, if not then an upward sloping line joining the high of January 07 to March tops can question optimists near 1.3560.

Meanwhile, 50% Fibonacci retracement level near 1.3400 acts as immediate support ahead of highlighting 1.3365/70 support-zone comprising 61.8% Fibonacci retracement.

In a case where prices keep trading south after 1.3365, 1.3300 and 1.3275 support levels could become bears’ favorites.

USD/CAD 4-Hour chart

Trend: Positive

Additional important levels

Overview
Today last price	1.347
Today Daily Change	8 pips
Today Daily Change %	0.06%
Today daily open	1.3462

Trends
Daily SMA20	1.3446
Daily SMA50	1.3392
Daily SMA100	1.334
Daily SMA200	1.3245

Levels
Previous Daily High	1.3472
Previous Daily Low	1.34
Previous Weekly High	1.3506
Previous Weekly Low	1.338
Previous Monthly High	1.3522
Previous Monthly Low	1.3274
Daily Fibonacci 38.2%	1.3444
Daily Fibonacci 61.8%	1.3428
Daily Pivot Point S1	1.3417
Daily Pivot Point S2	1.3373
Daily Pivot Point S3	1.3346
Daily Pivot Point R1	1.3489
Daily Pivot Point R2	1.3516
Daily Pivot Point R3	1.356

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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