#USDCAD @ 1.36623 picks up bids to refresh intraday high, extends Friday’s run-up., @nehcap view: Further upside expected (Pivot Orderbook analysis)
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- USD/CAD picks up bids to refresh intraday high, extends Friday’s run-up.
- Impending bull cross on MACD, firmer RSI keeps buyers hopeful.
- Five-week-old descending resistance line challenges buyers, weekly support line limits immediate downside.
The pair currently trades last at 1.36623.
The previous day high was 1.3692 while the previous day low was 1.3569. The daily 38.2% Fib levels comes at 1.3645, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3616, expected to provide support.
USD/CAD stays on the front foot around 1.3675, refreshing intraday high while extending the previous day’s run-up during early Monday.
In doing so, the Loonie pair stretches the latest rebound from a one-week-old ascending trend line as MACD signals tease bulls. That said, the recently firmer RSI (14) also keeps the buyers hopeful as the quote approaches a downward-sloping resistance line from early November.
In a case where the USD/CAD bulls successfully cross the aforementioned resistance line, around 1.3690 by the press time, the monthly high near 1.3700 could act as an extra upside filter before directing the upside towards the previous monthly peak near 1.3810.
It’s worth noting that multiple hurdles near the 1.3900 round figure and 1.3950 could challenge the USD/CAD pair’s upside past 1.3810, a break of which won’t hesitate to challenge the yearly high marked in October near 1.3980, as well as aim for the 1.4000 psychological magnet.
On the contrary, a downside break of the aforementioned weekly support line, near 1.3620 at the latest, becomes necessary to recall the USD/CAD bears.
Even so, the 50% Fibonacci retracement level of the pair’s November 03-15 downside, close to 1.3515, as well as the 200-SMA level of 1.3480, could challenge the pair’s further downside.
Trend: Further upside expected
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3673 at the time of writing. Pair opened at 1.3647 and is trading with a change of 0.19% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3673 |
| 1 | Today Daily Change | 0.0026 |
| 2 | Today Daily Change % | 0.19% |
| 3 | Today daily open | 1.3647 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.3455, 50 SMA 1.3565, 100 SMA @ 1.333 and 200 SMA @ 1.3053.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3455 |
| 1 | Daily SMA50 | 1.3565 |
| 2 | Daily SMA100 | 1.3330 |
| 3 | Daily SMA200 | 1.3053 |
The previous day high was 1.3692 while the previous day low was 1.3569. The daily 38.2% Fib levels comes at 1.3645, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3616, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.358, 1.3513, 1.3458
- Pivot resistance is noted at 1.3703, 1.3759, 1.3826
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3692 |
| Previous Daily Low | 1.3569 |
| Previous Weekly High | 1.3700 |
| Previous Weekly Low | 1.3385 |
| Previous Monthly High | 1.3808 |
| Previous Monthly Low | 1.3226 |
| Daily Fibonacci 38.2% | 1.3645 |
| Daily Fibonacci 61.8% | 1.3616 |
| Daily Pivot Point S1 | 1.3580 |
| Daily Pivot Point S2 | 1.3513 |
| Daily Pivot Point S3 | 1.3458 |
| Daily Pivot Point R1 | 1.3703 |
| Daily Pivot Point R2 | 1.3759 |
| Daily Pivot Point R3 | 1.3826 |
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