#USDCAD @ 1.37299 grinds higher around two-year low, stays inside bullish chart formation., @nehcap view: Further upside expected (Pivot Orderbook analysis)
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- USD/CAD grinds higher around two-year low, stays inside bullish chart formation.
- MACD signals hint at further grinding, one-week-old support challenge bears.
- Buyers could aim for 1.3850-55 resistance area on confirming the pennant formation.
The pair currently trades last at 1.37299.
The previous day high was 1.3808 while the previous day low was 1.356. The daily 38.2% Fib levels comes at 1.3713, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3655, expected to provide support.
USD/CAD remains sidelined around the 27-month high marked earlier in the week, steadies near 1.3730 during Wednesday’s Asian session. In doing so, the Loonie pair portrays the trader’s indecision amid a bullish chart pattern and bearish MACD signals.
Also keeping the quote on the buyer’s radar is the one-week-old ascending trend line.
However, the upside momentum needs validation from the pennant’s upper line, at 1.3770 by the press time.
Following that, an upward trajectory towards the yearly top near 1.3810 and then to the lows marked during April 2020, around 1.3850-55, can’t be ruled out.
Meanwhile, pullback remains unattractive beyond the stated pennant’s support line, close to 1.3720 at the latest.
Even if the quote drops below 1.3720, the 1.3700 threshold and an upward sloping support line from September 20, around 1.3660, will be crucial to challenge the USD/CAD bears.
In a case where the pair remains bearish past 1.3660, the odds favoring its slump to the last Thursday’s peak around 1.3545 can’t be ruled out.
Trend: Further upside expected
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3724 at the time of writing. Pair opened at 1.3734 and is trading with a change of -0.07% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3724 |
| 1 | Today Daily Change | -0.0010 |
| 2 | Today Daily Change % | -0.07% |
| 3 | Today daily open | 1.3734 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.3238, 50 SMA 1.3029, 100 SMA @ 1.2947 and 200 SMA @ 1.2815.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3238 |
| 1 | Daily SMA50 | 1.3029 |
| 2 | Daily SMA100 | 1.2947 |
| 3 | Daily SMA200 | 1.2815 |
The previous day high was 1.3808 while the previous day low was 1.356. The daily 38.2% Fib levels comes at 1.3713, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3655, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.3593, 1.3452, 1.3344
- Pivot resistance is noted at 1.3842, 1.3949, 1.409
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3808 |
| Previous Daily Low | 1.3560 |
| Previous Weekly High | 1.3613 |
| Previous Weekly Low | 1.3227 |
| Previous Monthly High | 1.3141 |
| Previous Monthly Low | 1.2728 |
| Daily Fibonacci 38.2% | 1.3713 |
| Daily Fibonacci 61.8% | 1.3655 |
| Daily Pivot Point S1 | 1.3593 |
| Daily Pivot Point S2 | 1.3452 |
| Daily Pivot Point S3 | 1.3344 |
| Daily Pivot Point R1 | 1.3842 |
| Daily Pivot Point R2 | 1.3949 |
| Daily Pivot Point R3 | 1.4090 |
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