#USDCAD @ 1.33505 A rebound in the risk-off market mood has strengthened the Greenback bulls. (Pivot Orderbook analysis)

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• A rebound in the risk-off market mood has strengthened the Greenback bulls.
• A usual test of the breakout region of the accumulation phase will offer a bargain buy to the market participants.
• Advancing 20-EMA adds to the upside filters.

The pair currently trades last at 1.33505.

The previous day high was 1.3347 while the previous day low was 1.3228. The daily 38.2% Fib levels comes at 1.3302, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3274, expected to provide support.

The USDCAD pair has shifted its auction profile above the critical hurdle of 1.3350 in the early European session. The asset has witnessed a decent buying interest as investors have turned cautious amid escalating geopolitical tensions between North Korea and the US. The major has refreshed it’s weekly high above 1.3360 led by a steep fall in oil prices.

The US dollar index (DXY) has witnessed marginal selling pressure while struggling to cross the critical hurdle of 106.60. While the S&P500 futures have shown some recovery after easing entire gains recorded in early Asia.

On an hourly scale, the asset has delivered a breakout of the accumulation phase that signals the transfer of inventory from retail participants to institutional investors. A usual test of the breakout region around 1.3336 would be an optimal opportunity for investors to initiate longs.

The 20-period Exponential Moving Average (EMA) at 1.3325 is advancing, which adds to the upside filters.

Meanwhile, the Relative Strength Index (RSI) (14) has shifted into the bullish range of 60.00-80.00, which indicates that upside momentum has been activated.

Should the asset corrects marginally to near the breakout region around 1.3336, investors will consider this a bargain buy and will initiate fresh longs. This will drive the asset towards November 8 low at 1.3387, followed by November 10 high at 1.3571.

On the contrary, the Loonie bulls could regain control if the asset drops below the round-level support of 1.3300, which will drag the asset towards Wednesday’s low at 1.3246 and September 1 high around 1.3200.

Technical Levels: Supports and Resistances

USDCAD currently trading at 1.3349 at the time of writing. Pair opened at 1.3327 and is trading with a change of 0.17 % .

The pair is trading below its 20 Daily moving average @ 1.353, below its 50 Daily moving average @ 1.3535 , above its 100 Daily moving average @ 1.3241 and above its 200 Daily moving average @ 1.2988

The previous day high was 1.3347 while the previous day low was 1.3228. The daily 38.2% Fib levels comes at 1.3302, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3274, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.3254, 1.3182, 1.3135
• Pivot resistance is noted at 1.3373, 1.342, 1.3492

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