USD/CAD technical analysis: Multiple upside barriers to question latest pullback


  • Support turned resistances limit immediate advances.
  • RSI lacks momentum near the oversold region.

In spite of its U-turn from 1.3242, the USD/CAD pair has multiple upside barriers to cross in order to justify its latest strength as it takes the round near 1.3280 during early Wednesday.

Out of them, an 18-week long ascending trend-line (previous support now resistance) becomes the closes limit at 1.3315, a break of which may escalate the recovery towards 1.3325 figure comprising 38.2% Fibonacci retracement of its October 2018 to January 2019 upside ahead of questioning the 100-day simple moving average (SMA) level of 1.3348.

Given the price rally above 1.3350, 1.3380 and 1.3400 might flash on the bulls’ radar.

Meanwhile, 1.3242 can be considered as nearby support ahead of highlighting 50% Fibonacci retracement near 1.3220 and 1.3165 rest-point.

In a case where the quote slips under 1.3165, sellers get a license to target 61.8% Fibonacci retracement at 1.3120 and February month low near 1.3070.

It should also be noted that the 14-day relative strength index (RSI) is near oversold levels but not showing much momentum off-late.

USD/CAD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price 1.328
Today Daily Change -4 pips
Today Daily Change % -0.03%
Today daily open 1.3284
 
Trends
Daily SMA20 1.3422
Daily SMA50 1.3413
Daily SMA100 1.3348
Daily SMA200 1.3278
Levels
Previous Daily High 1.3309
Previous Daily Low 1.325
Previous Weekly High 1.3529
Previous Weekly Low 1.3262
Previous Monthly High 1.3566
Previous Monthly Low 1.3357
Daily Fibonacci 38.2% 1.3287
Daily Fibonacci 61.8% 1.3273
Daily Pivot Point S1 1.3253
Daily Pivot Point S2 1.3222
Daily Pivot Point S3 1.3195
Daily Pivot Point R1 1.3312
Daily Pivot Point R2 1.334
Daily Pivot Point R3 1.3371

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD below 1.1200 on Draghi's dovishness, amid Trump-Xi meeting announcement

EUR/USD is trading below 1.1200 after ECB President Draghi opened the door to rate cuts. Presidents Trump and Xi will hold an extended meeting at the G-20 Summit. The news cheered markets.

EUR/USD News

GBP/USD hovers above 5-month lows ahead of Conservative leadership contest

GBP/USD is hovering above 1.2500, close to the five-month lows. Conservatives will vote in the second round of their leadership contest. Boris Johnson is set to win again.

GBP/USD News

USD/JPY rallies beyond mid-108.00s on Trump's positive comments

Trump said he will have an extended meeting with the Chinese President next week. This comes on the back of Draghi's dovish comments and triggers risk-on trade. Fading safe-haven demand weighs heavily on the JPY and remained supportive.

USD/JPY News

Gold surges through $1350 level, back closer to 14-month tops

Gold built on its strong intraday positive momentum and spiked to fresh session tops, beyond the $1350 level during the early North-American session.

Gold News

Fed Preview: Proto-easing

Fed Funds 2.25%-2.50% target range predicted to be unchanged. Market expecting confirmation of easing bias into the second half. FOMC statement wording, especially "patient" and the economic projections important.

Read more

Majors

Cryptocurrencies

Signatures