USD/CAD technical analysis: Consolidates in a range near 200-hour SMA ahead of US data


  • The USD/CAD pair extended its sideways consolidative price action through the mid-European session but now seems to have formed a firm base near 200-hour SMA.
  • Given that the pair had shown some resilience near 50-hour SMA over the past three trading sessions, the set-up support prospects for a further near-term appreciating move.

The fact that the pair has managed to hold its neck above its important intraday moving averages and moved above 200-hour SMA for the first time in nearly two weeks further reinforce the constructive outlook amid some renewed weakness in Crude Oil prices.

Meanwhile, technical indicators on hourly charts have been gaining positive traction and also recovered from the negative territory on the daily charts, paving the way for an extension of the pair's recent recovery move from multi-month lows set earlier this week.

Sustained move beyond 100-day SMA immediate hurdle will reaffirm the bullish bias and trigger some aggressive technical buying, lifting the pair back towards the 1.3400 round figure mark. The mentioned handle coincides with 50-day SMA and might cap further intraday gains.

USD/CAD 1-hourly chart

USD/CAD

Overview
Today last price 1.334
Today Daily Change 0.0012
Today Daily Change % 0.09
Today daily open 1.3328
 
Trends
Daily SMA20 1.3411
Daily SMA50 1.3412
Daily SMA100 1.3348
Daily SMA200 1.328
Levels
Previous Daily High 1.3345
Previous Daily Low 1.33
Previous Weekly High 1.3529
Previous Weekly Low 1.3262
Previous Monthly High 1.3566
Previous Monthly Low 1.3357
Daily Fibonacci 38.2% 1.3318
Daily Fibonacci 61.8% 1.3328
Daily Pivot Point S1 1.3303
Daily Pivot Point S2 1.3279
Daily Pivot Point S3 1.3258
Daily Pivot Point R1 1.3349
Daily Pivot Point R2 1.337
Daily Pivot Point R3 1.3394

 

 

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