#USDCAD @ 1.35612 grinds higher after bouncing off weekly low., @nehcap view: Further upside expected (Pivot Orderbook analysis)
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- USD/CAD grinds higher after bouncing off weekly low.
- Bullish MACD signals, sustained trading beyond convergence of 21-day EMA, one-month-old support line favor buyers.
- Seven-week-old descending trend line restricts recovery moves ahead of monthly high.
The pair currently trades last at 1.35612.
The previous day high was 1.3644 while the previous day low was 1.3522. The daily 38.2% Fib levels comes at 1.3569, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3597, expected to provide resistance.
USD/CAD remains sidelined around mid-1.3500s, picking up bids to 1.3565 by the press time of early Wednesday morning in Europe.
In doing so, the Loonie pair defends the early Asian session recovery from the 1.3530 support confluence including the 21-day EMA and a one-month-old ascending trend line. Additionally favoring the upside momentum are the bullish MACD signals.
That said, a downward-sloping resistance line from October 21, close to 1.3650 at the latest, restricts the quote’s short-term upside.
Following that, the monthly high of 1.3700 will be crucial resistance as it holds the gate for the USD/CAD pair’s run-up toward the previous monthly high surrounding 1.3810.
It’s worth noting, however, that multiple hurdles near 1.3850 and 1.3900 could test the bulls past 1.3810.
Meanwhile, a daily closing below the 1.3530 support confluence won’t hesitate to challenge the monthly low of 1.3385.
Should the USD/CAD bears keep the reins past 1.3385, the 50% Fibonacci retracement level of August-October upside, near 1.3350, will precede November’s bottom surrounding 1.3230 to challenge the Loonie pair’s further downside. Also acting as a downside filter is the 61.8% Fibonacci retracement level of 1.3200.
Trend: Further upside expected
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3564 at the time of writing. Pair opened at 1.3557 and is trading with a change of 0.05% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3564 |
| 1 | Today Daily Change | 0.0007 |
| 2 | Today Daily Change % | 0.05% |
| 3 | Today daily open | 1.3557 |
The pair is trading above its 20 Daily moving average @ 1.3484, below its 50 Daily moving average @ 1.3566 , above its 100 Daily moving average @ 1.3345 and above its 200 Daily moving average @ 1.306
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3484 |
| 1 | Daily SMA50 | 1.3566 |
| 2 | Daily SMA100 | 1.3345 |
| 3 | Daily SMA200 | 1.3060 |
The previous day high was 1.3644 while the previous day low was 1.3522. The daily 38.2% Fib levels comes at 1.3569, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3597, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.3505, 1.3452, 1.3382
- Pivot resistance is noted at 1.3627, 1.3697, 1.3749
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3644 |
| Previous Daily Low | 1.3522 |
| Previous Weekly High | 1.3700 |
| Previous Weekly Low | 1.3385 |
| Previous Monthly High | 1.3808 |
| Previous Monthly Low | 1.3226 |
| Daily Fibonacci 38.2% | 1.3569 |
| Daily Fibonacci 61.8% | 1.3597 |
| Daily Pivot Point S1 | 1.3505 |
| Daily Pivot Point S2 | 1.3452 |
| Daily Pivot Point S3 | 1.3382 |
| Daily Pivot Point R1 | 1.3627 |
| Daily Pivot Point R2 | 1.3697 |
| Daily Pivot Point R3 | 1.3749 |
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