USD/CAD technical analysis: The pair is pushing higher but where is the next resistance?

USD/CAD is pushing higher as commodities currencies struggle.
The pair is 0.25% higher on the session now trading at 1.3263.

Rajan Dhall, MSTA FX Daily

USD/CAD Daily Chart

USD/CAD has pushed higher today as commodities currencies struggle.

WTI is also trading lower today due to the fact that Trump didn't comment on the trade deal with China as the market anticipated.

Also today the market will get the latest API inventory level one day late as it was veterans day in the US on Monday.

The USD is not performing all that well against its other major counterparts as USD/JPY and USD/CHF both have fallen.

Today we also get the latest CPI data. This will be important as the Fed have stated one of the only cases for a rate change would be an extreme reading in inflation.

If inflation is high the Fed would need to cut rates to control it and at the moment the target for the Fed is around 2% (for inflation).

Looking at the daily chart now, the obvious target is the trendline resistance. Above that, there is also a resistance point at 1.3290.

Additional Levels

USD/CAD

Overview
Today last price	1.3264
Today Daily Change	0.0027
Today Daily Change %	0.20
Today daily open	1.3237

Trends
Daily SMA20	1.3141
Daily SMA50	1.3207
Daily SMA100	1.3197
Daily SMA200	1.3277

Levels
Previous Daily High	1.3258
Previous Daily Low	1.3216
Previous Weekly High	1.3238
Previous Weekly Low	1.3114
Previous Monthly High	1.3349
Previous Monthly Low	1.3042
Daily Fibonacci 38.2%	1.3242
Daily Fibonacci 61.8%	1.3232
Daily Pivot Point S1	1.3216
Daily Pivot Point S2	1.3195
Daily Pivot Point S3	1.3174
Daily Pivot Point R1	1.3258
Daily Pivot Point R2	1.3279
Daily Pivot Point R3	1.33

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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