#USDCAD @ 1.35843 fades upside momentum near one-week high, renews intraday low of late., @nehcap view: Limited downside expected (Pivot Orderbook analysis)
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- USD/CAD fades upside momentum near one-week high, renews intraday low of late.
- Overbought RSI teases bears to challenge the resistance-turned-support.
- Bullish MACD signals, sustained trading beyond 100-SMA suggest further upside.
The pair currently trades last at 1.35843.
The previous day high was 1.3605 while the previous day low was 1.3385. The daily 38.2% Fib levels comes at 1.3521, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3469, expected to provide support.
USD/CAD bulls take a breather around the weekly high as the quote declines to 1.3585 during Tuesday’s Asian session.
In doing so, the Loonie pair takes clues from the overbought RSI conditions to challenge the latest upward trajectory.
However, the previous resistance line from October 13, close to 1.3550, joins the bullish MACD signals to challenge the USD/CAD bears.
Even if the USD/CAD pair drops below 1.3550 resistance-turned-support, a three-week-old ascending trend line and the 100-SMA could question the quote’s further downside around 1.3400 and 1.3395 in that order.
In a case where the Loonie pair declines below 1.3395, a southward trajectory towards November’s low surrounding 1.3230 can’t be ruled out.
On the flip side, a downward-sloping resistance line from October 14, close to 1.3615 by the press time, restricts the short-term upside moves of the pair.
Following that, the previous weekly top near 1.3645 appears crucial for the USD/CAD bulls as a break which could allow them to retake control.
To sum up, USD/CAD bulls can stay hopeful, despite the latest pullback, unless the quote breaks 1.3395 level.
Trend: Limited downside expected
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3586 at the time of writing. Pair opened at 1.36 and is trading with a change of -0.10% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3586 |
| 1 | Today Daily Change | -0.0014 |
| 2 | Today Daily Change % | -0.10% |
| 3 | Today daily open | 1.36 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.3406, 50 SMA 1.3571, 100 SMA @ 1.33 and 200 SMA @ 1.3034.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3406 |
| 1 | Daily SMA50 | 1.3571 |
| 2 | Daily SMA100 | 1.3300 |
| 3 | Daily SMA200 | 1.3034 |
The previous day high was 1.3605 while the previous day low was 1.3385. The daily 38.2% Fib levels comes at 1.3521, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3469, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.3455, 1.331, 1.3235
- Pivot resistance is noted at 1.3675, 1.375, 1.3895
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3605 |
| Previous Daily Low | 1.3385 |
| Previous Weekly High | 1.3646 |
| Previous Weekly Low | 1.3381 |
| Previous Monthly High | 1.3808 |
| Previous Monthly Low | 1.3226 |
| Daily Fibonacci 38.2% | 1.3521 |
| Daily Fibonacci 61.8% | 1.3469 |
| Daily Pivot Point S1 | 1.3455 |
| Daily Pivot Point S2 | 1.3310 |
| Daily Pivot Point S3 | 1.3235 |
| Daily Pivot Point R1 | 1.3675 |
| Daily Pivot Point R2 | 1.3750 |
| Daily Pivot Point R3 | 1.3895 |
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