USD/CAD Technical Analysis: Surges to fresh 4-week high, inside short-term rising wedge


  • USD/CAD holds on to recovery gains beyond 61.8% Fibonacci retracement of October month downpour.
  • 200-bar SMA acts as immediate key support ahead of rising wedge’s lower line.

While extending its sustained run-up beyond 200-bar SMA, USD/CAD rises to the fresh four weeks high of 1.3242 by the press time of Asian session on Tuesday.

Even so, prices are yet to clear an upward sloping trend-line since October 17, at 1.3267 now, to defy the bearish chart pattern and stretch the north-run towards 1.3300 and October month tops near 1.3350.

Alternatively, pair’s slip beneath 61.8% Fibonacci retracement level of 1.3230 highlights 1.3195/90 as the key support confluence as it comprises 50% Fibonacci retracement level and 200-bar Simple Moving Average (SMA).

During the quote’s additional weakness below 1.3190, the bearish formation’s support line around 1.3180 becomes the key as the downside break of which could recall bears targeting 1.3040 and 1.3000 round figure.

However, a 23.6% Fibonacci retracement level of 1.3110 could offer an intermediate halt to the pair’s downside between 1.3180 and 1.3040.

USD/CAD 4-hour chart

Trend: pullback expected

additional important levels

Overview
Today last price 1.3239
Today Daily Change 14 pips
Today Daily Change % 0.11%
Today daily open 1.3225
 
Trends
Daily SMA20 1.3139
Daily SMA50 1.3209
Daily SMA100 1.3196
Daily SMA200 1.3276
 
Levels
Previous Daily High 1.3236
Previous Daily Low 1.3212
Previous Weekly High 1.3238
Previous Weekly Low 1.3114
Previous Monthly High 1.3349
Previous Monthly Low 1.3042
Daily Fibonacci 38.2% 1.3227
Daily Fibonacci 61.8% 1.3222
Daily Pivot Point S1 1.3213
Daily Pivot Point S2 1.3201
Daily Pivot Point S3 1.3189
Daily Pivot Point R1 1.3237
Daily Pivot Point R2 1.3249
Daily Pivot Point R3 1.3261

 

 

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