#USDCAD @ 1.35835 renews intraday low while paring the biggest daily jump in a fortnight., @nehcap view: Limited downside expected (Pivot Orderbook analysis)
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- USD/CAD renews intraday low while paring the biggest daily jump in a fortnight.
- Convergence of 100-SMA, previous support line from mid-November challenge upside moves.
- 200-SMA appears a tough nut to crack for the bears.
The pair currently trades last at 1.35835.
The previous day high was 1.3612 while the previous day low was 1.3486. The daily 38.2% Fib levels comes at 1.3564, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3534, expected to provide support.
USD/CAD takes offers to refresh intraday low around 1.3580 as it pares the biggest daily gains in two weeks heading into Thursday’s European session.
In doing so, the Loonie pair extends the day-start pullback from the 1.3615 resistance confluence despite bullish MACD signals.
That said, the 200-Simple Moving Average (SMA) joins the support-turned-resistance line from November 15 to highlight the 1.3615 level as the key hurdle.
Given the quote’s recent pullback from the stated resistance, a pullback towards the mid-December swing low near 1.3520 can’t be ruled out. However, the 200-SMA level of 1.3507 and the 1.3500 round figure could challenge the USD/CAD bears afterward.
In a case where the Loonie pair drops below the 1.3500 round figure, the monthly low of 1.3385 will be in the spotlight.
Alternatively, recovery moves need to portray successful trading beyond the 1.3615 key resistance to convince the USD/CAD buyers.
Even so, a one-week-old descending trend line near 1.3655 could challenge the quote’s further upside before directing the bulls toward the monthly peak of 1.3705.
To sum up, the USD/CAD pair is likely to extend the latest weakness but the room towards the south appears limited.
Trend: Limited downside expected
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3586 at the time of writing. Pair opened at 1.3612 and is trading with a change of -0.19% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3586 |
| 1 | Today Daily Change | -0.0026 |
| 2 | Today Daily Change % | -0.19% |
| 3 | Today daily open | 1.3612 |
The pair is trading below its 20 Daily moving average @ 1.3598, above its 50 Daily moving average @ 1.3534 , above its 100 Daily moving average @ 1.3429 and above its 200 Daily moving average @ 1.3111
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3598 |
| 1 | Daily SMA50 | 1.3534 |
| 2 | Daily SMA100 | 1.3429 |
| 3 | Daily SMA200 | 1.3111 |
The previous day high was 1.3612 while the previous day low was 1.3486. The daily 38.2% Fib levels comes at 1.3564, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3534, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.3527, 1.3443, 1.3401
- Pivot resistance is noted at 1.3654, 1.3696, 1.378
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3612 |
| Previous Daily Low | 1.3486 |
| Previous Weekly High | 1.3704 |
| Previous Weekly Low | 1.3563 |
| Previous Monthly High | 1.3808 |
| Previous Monthly Low | 1.3226 |
| Daily Fibonacci 38.2% | 1.3564 |
| Daily Fibonacci 61.8% | 1.3534 |
| Daily Pivot Point S1 | 1.3527 |
| Daily Pivot Point S2 | 1.3443 |
| Daily Pivot Point S3 | 1.3401 |
| Daily Pivot Point R1 | 1.3654 |
| Daily Pivot Point R2 | 1.3696 |
| Daily Pivot Point R3 | 1.3780 |
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