USD/CAD technical analysis: Recovery fails to cross key resistance-confluence


  • USD/CAD buyers fall short of clearing 1.3245/50 resistance-confluence.
  • 50% Fibonacci retracement, 200-bar SMA adds to the resistance.

Following its failure to rise past near-term key trend lines, USD/CAD witnesses a pullback to 1.3225 during Tuesday’s Asian session.

Not only a downward slopping trend line connecting tops marked since last week but an upward sloping resistance line (previous support) ranging from early September also contributes to highlighting 1.3245/50 as a tough nut to crack for buyers.

As a result, prices are likely to revisit 23.6% Fibonacci retracement of September month declines, at 1.3193 ahead of diverting sellers to 1.3160 and 1.3130 rest-points.

On the contrary, pair’s successful break above 1.3250 needs to clear 1.3255/60 area comprising 50% Fibonacci retracement and 200-bar Simple Moving Average (SMA) to justify its strength in targeting 1.3290 and 1.3310 numbers to the north.

USD/CAD 4-hour chart

Trend: pullback expected

additional important levels

Overview
Today last price 1.3228
Today Daily Change 28 pips
Today Daily Change % 0.21%
Today daily open 1.32
 
Trends
Daily SMA20 1.3273
Daily SMA50 1.3267
Daily SMA100 1.3243
Daily SMA200 1.3287
 
Levels
Previous Daily High 1.3302
Previous Daily Low 1.317
Previous Weekly High 1.3348
Previous Weekly Low 1.317
Previous Monthly High 1.3384
Previous Monthly Low 1.3134
Daily Fibonacci 38.2% 1.3221
Daily Fibonacci 61.8% 1.3251
Daily Pivot Point S1 1.3147
Daily Pivot Point S2 1.3093
Daily Pivot Point S3 1.3016
Daily Pivot Point R1 1.3278
Daily Pivot Point R2 1.3355
Daily Pivot Point R3 1.3409

 

 

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