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

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

Anil Panchal FXStreet

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

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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