USD/CAD Technical Analysis: Trapped in 1.33-1.34 range for 13th straight day

Omkar Godbole FXStreet Contributor

USD/CAD is currently trading at 1.3348, having faced rejection at 1.34 yesterday.

The currency has been restricted to a narrow range of 1.33-1.34 since April 4. Further, the daily chart shows, the USD/CAD pair has created a narrowing price range over the last six weeks.

Daily chart

As of writing, the range resistance is seen at 1.3434 and the lower edge if located at 1.3297.
A daily close above 1.3435 could yield a rally to the psychological resistance of 1.35. The case for a test of supply around 1.35, however, would weaken if the spot struggles to clear the hurdle at 1.3467 (March 7 high).
A range breakdown would shift risk in favor of a drop to 1.3412 (50-week moving average).

Trend: Neutral while trapped in a contracting triangle

USD/CAD

Overview
Today last price	1.3348
Today Daily Change	-0.0004
Today Daily Change %	-0.03
Today daily open	1.3352

Trends
Daily SMA20	1.336
Daily SMA50	1.3312
Daily SMA100	1.334
Daily SMA200	1.3208

Levels
Previous Daily High	1.3404
Previous Daily Low	1.3346
Previous Weekly High	1.3398
Previous Weekly Low	1.3284
Previous Monthly High	1.3469
Previous Monthly Low	1.313
Daily Fibonacci 38.2%	1.3368
Daily Fibonacci 61.8%	1.3382
Daily Pivot Point S1	1.3331
Daily Pivot Point S2	1.331
Daily Pivot Point S3	1.3274
Daily Pivot Point R1	1.3388
Daily Pivot Point R2	1.3424
Daily Pivot Point R3	1.3445

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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