USD/CAD technical analysis: Recovery from multi-month lows falters ahead of 100-day SMA


  • Having shown some resilience below the very important 200-day SMA, the pair staged a goodish bounce from multi-month lows - set earlier this week.
  • The momentum faltered ahead of 100-day SMA, with the pair snapping three consecutive days of up-move amid a modest rebound in Crude Oil prices.

The mentioned 200-DMA support coincides with the lower end of over four-month-old ascending trend-channel, which should now as a key pivotal point for any further near-term depreciating move.

Meanwhile, technical indicators on the daily chart have managed to recover from the bearish territory but are yet to gain any meaningful positive traction, warranting some caution for bullish traders. 

Hence, it would be prudent to wait for a sustained move beyond 100-DMA resistance, currently near mid-1.3300s, before positioning for any further up-move towards reclaiming the 1.3400 handle.

USD/CAD daily chart

USD/CAD

Overview
Today last price 1.3322
Today Daily Change -0.0022
Today Daily Change % -0.16
Today daily open 1.3344
 
Trends
Daily SMA20 1.3417
Daily SMA50 1.3413
Daily SMA100 1.3348
Daily SMA200 1.3279
Levels
Previous Daily High 1.3346
Previous Daily Low 1.3274
Previous Weekly High 1.3529
Previous Weekly Low 1.3262
Previous Monthly High 1.3566
Previous Monthly Low 1.3357
Daily Fibonacci 38.2% 1.3318
Daily Fibonacci 61.8% 1.3301
Daily Pivot Point S1 1.3296
Daily Pivot Point S2 1.3249
Daily Pivot Point S3 1.3224
Daily Pivot Point R1 1.3368
Daily Pivot Point R2 1.3393
Daily Pivot Point R3 1.344

 

 

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