USD/CAD Technical Analysis: Pivots around 200-DMA, just below 1.3300 handle

USD/CAD remains confined well within a one-week-old trading range.
Bulls are likely to wait for a move beyond a descending trend-line hurdle.

Haresh Menghani FXStreet

The USD/CAD pair has been pivoting around the very important 200-day SMA, well within 70-75 pips broader trading range over the past one week or so.

Given the recent rally of around 250 pips from late-October swing low, the range-bound price action might still be categorized as a bullish consolidation phase.

Meanwhile, oscillators on the daily chart, though have struggled to gain strong traction, maintained their bullish bias and support prospects for further gains.

However, it will be prudent to wait for a sustained break through a near six-month-old descending trend-line before placing any aggressive bullish bets.

Sustained strength above the mentioned barrier now seems to set the stage for a move towards October monthly swing highs, around mid-1.3300s.

The momentum could further get extended towards the 1.3380-85 intermediate resistance, above which the pair is likely to aim towards the 1.3400 handle.

On the flip side, any meaningful pullback might continue to show some resilience below the 200-DMA and attract some dip-buying near the 1.3260 region.

Failure to defend the said support might negate the positive bias and prompt some technical selling, turning the pair vulnerable to slide towards the 1.3200 mark.

USD/CAD daily chart

USD/CAD

Overview
Today last price	1.3287
Today Daily Change	0.0004
Today Daily Change %	0.03
Today daily open	1.3283

Trends
Daily SMA20	1.3231
Daily SMA50	1.3218
Daily SMA100	1.3216
Daily SMA200	1.3278

Levels
Previous Daily High	1.3292
Previous Daily Low	1.326
Previous Weekly High	1.3328
Previous Weekly Low	1.3156
Previous Monthly High	1.3349
Previous Monthly Low	1.3042
Daily Fibonacci 38.2%	1.3279
Daily Fibonacci 61.8%	1.3272
Daily Pivot Point S1	1.3265
Daily Pivot Point S2	1.3246
Daily Pivot Point S3	1.3233
Daily Pivot Point R1	1.3297
Daily Pivot Point R2	1.331
Daily Pivot Point R3	1.3329

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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