USD/CAD Technical Analysis: Gearing up for a move back towards 1.3250-60 supply zone

Haresh Menghani FXStreet

• The pair's intraday up-move picked up the pace during the early North-American session, with bulls pushing it through and further beyond 1.3200 handle.

• A decisive move beyond 100/200-hour SMA and 50% Fibonacci retracement level of the last week's slide was seen as a key trigger for bullish traders.

• Technical indicators on the 1-hourly chart have already started gaining positive momentum and support prospects for further intraday up-move.

• A follow-through buying beyond 61.8% Fibonacci retracement level will add credence to constructive outlook and set the stage for a retest of multi-month tops.

USD/CAD 1-hourly chart

USD/CAD

Overview:
    Last Price: 1.3212
    Daily change: 35 pips
    Daily change: 0.266%
    Daily Open: 1.3177
Trends:
    Daily SMA20: 1.3143
    Daily SMA50: 1.3045
    Daily SMA100: 1.3068
    Daily SMA200: 1.297
Levels:
    Daily High: 1.3202
    Daily Low: 1.3142
    Weekly High: 1.3264
    Weekly Low: 1.3127
    Monthly High: 1.3172
    Monthly Low: 1.2783
    Daily Fibonacci 38.2%: 1.3179
    Daily Fibonacci 61.8%: 1.3165
    Daily Pivot Point S1: 1.3145
    Daily Pivot Point S2: 1.3113
    Daily Pivot Point S3: 1.3084
    Daily Pivot Point R1: 1.3206
    Daily Pivot Point R2: 1.3235
    Daily Pivot Point R3: 1.3267

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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