#USDCAD @ 1.31627 struggles for clear directions after rising the most in 13 months., @nehcap view: Further upside expected (Pivot Orderbook analysis)
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- USD/CAD struggles for clear directions after rising the most in 13 months.
- Double tops around 1.3200 challenge buyers, 50-DMA restricts downside.
- Sluggish MACD signals further grinding, rising trend line from early June favors bulls.
The pair currently trades last at 1.31627.
The previous day high was 1.3175 while the previous day low was 1.2954. The daily 38.2% Fib levels comes at 1.3091, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3038, expected to provide support.
USD/CAD treads water around 1.3160, after rising the most since August 2021 the previous day, as traders seek fresh clues during early European morning on Wednesday.
In doing so, the Loonie pair fades bounce off the 50-DMA, marked the previous day, amid sluggish MACD signals. Also challenging the USD/CAD bulls is the double top around 1.3200.
That said, the quote’s pullback hinges on a clear downside break of the 23.6% Fibonacci retracement level of June-July advances, around 1.3055.
Following that, a convergence of the 50-DMA and the 38.2% Fibonacci retracement level can challenge the USD/CAD bears near 1.2960-55.
It’s worth noting, however, that the pair’s downside past 1.2955 could direct bears towards the 50% Fibonacci retracement level and the 3.5-month-old upward sloping support line, close to 1.2870 and 1.2830 in that order.
On the flip side, a daily closing beyond the 1.3200 level becomes necessary for the USD/CAD bulls to challenge the yearly high marked in July at around 1.3225.
In a case where the USD/CAD pair remains firmer past 1.3225, the odds of witnessing a run-up towards the October 2020 high near 1.3390 can’t be ruled out.
Trend: Further upside expected
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3163 at the time of writing. Pair opened at 1.316 and is trading with a change of 0.02% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3163 |
| 1 | Today Daily Change | 0.0003 |
| 2 | Today Daily Change % | 0.02% |
| 3 | Today daily open | 1.316 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.3051, 50 SMA 1.2959, 100 SMA @ 1.2898 and 200 SMA @ 1.2788.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3051 |
| 1 | Daily SMA50 | 1.2959 |
| 2 | Daily SMA100 | 1.2898 |
| 3 | Daily SMA200 | 1.2788 |
The previous day high was 1.3175 while the previous day low was 1.2954. The daily 38.2% Fib levels comes at 1.3091, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3038, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.3018, 1.2875, 1.2796
- Pivot resistance is noted at 1.3239, 1.3318, 1.3461
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3175 |
| Previous Daily Low | 1.2954 |
| Previous Weekly High | 1.3209 |
| Previous Weekly Low | 1.2982 |
| Previous Monthly High | 1.3141 |
| Previous Monthly Low | 1.2728 |
| Daily Fibonacci 38.2% | 1.3091 |
| Daily Fibonacci 61.8% | 1.3038 |
| Daily Pivot Point S1 | 1.3018 |
| Daily Pivot Point S2 | 1.2875 |
| Daily Pivot Point S3 | 1.2796 |
| Daily Pivot Point R1 | 1.3239 |
| Daily Pivot Point R2 | 1.3318 |
| Daily Pivot Point R3 | 1.3461 |
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