USD/CAD Technical Analysis: Intraday recovery seems poised to extend towards 1.3380 region

Haresh Menghani FXStreet

• The pair stalled its recent sharp corrective slide and staged a solid bounce from 50% Fibonacci retracement level of the 1.3113-1.3469 up-move to snap four consecutive days of losing streak.

• The intraday recovery move has now lifted the pair beyond 38.2% Fibonacci retracement level and closer to 50-hour SMA, which should act as an important pivotal point for intraday bullish traders.

• Technical indicators on the daily chart remained in the bullish territory and have also started catching up with the positive momentum on the 1-hourly chart, supporting prospects for further intraday gains.

• However, it would be prudent to wait for a follow-through move beyond the mentioned SMA before traders start positioning aggressively for an up-move towards 61.8% Fibonacci retracement level.

USD/CAD 1-hourly chart

USD/CAD

Overview:
    Today Last Price: 1.3337
    Today Daily change: 37 pips
    Today Daily change %: 0.28%
    Today Daily Open: 1.33
Trends:
    Daily SMA20: 1.3276
    Daily SMA50: 1.3267
    Daily SMA100: 1.3297
    Daily SMA200: 1.3183
Levels:
    Previous Daily High: 1.337
    Previous Daily Low: 1.329
    Previous Weekly High: 1.3469
    Previous Weekly Low: 1.3275
    Previous Monthly High: 1.3341
    Previous Monthly Low: 1.3069
    Daily Fibonacci 38.2%: 1.3321
    Daily Fibonacci 61.8%: 1.3339
    Daily Pivot Point S1: 1.3271
    Daily Pivot Point S2: 1.3241
    Daily Pivot Point S3: 1.3192
    Daily Pivot Point R1: 1.335
    Daily Pivot Point R2: 1.3399
    Daily Pivot Point R3: 1.3429

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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