#USDCAD @ 1.33200 surrendered 1.3400, as buyers could not break the confluence of the 20 and 100-day EMAs. (Pivot Orderbook analysis)

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• USD/CAD surrendered 1.3400, as buyers could not break the confluence of the 20 and 100-day EMAs.
• USD/CAD Price Analysis: Upward biased, but once it falls below 1.3225, a move towards 1.3000 is on the cards

The pair currently trades last at 1.33200.

The previous day high was 1.3428 while the previous day low was 1.334. The daily 38.2% Fib levels comes at 1.3394, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3374, expected to provide resistance.

The USD/CAD extended its losses on Thursday after hitting a daily high of 1.3407, though as the Asian session begins, it’s almost unchanged. Additionally, the 20-day Exponential Moving Average (EMA) is crossing below the 100-day EMA, a bearish signal, suggesting further downside pressure lies ahead. At the time of writing, the USD/CAD is trading at 1.3323.

From a daily chart perspective, the Loonie (CAD) had continued to strengthen against the US Dollar (USD), as the USD/CAD failed to clear solid resistance in the form of the 100-day EMA at 1.3418 and the 20-day EMA at 1.3420. Nevertheless, the USD/CAD bias is bullish as long as the exchange rates hold above the 200-day EMA, which is meandering around 1.3253.

USD/CAD traders should be aware of a break of a support trendline drawn from the lows of November, which could pave the way for further losses. Oscillators-wise, the Relative Strength Index (RSI) continued its bearish path, while the Rate of Change (RoC) indicates consolidation lying ahead as volatility remains low.

The USD/CAD key support levels would be the 1.3300 figure. A break below, and the USD/CAD could test the 200-day EMA at 1.3253. Once cleared, the pair’s next demand area will be the November 15 low at 1.3225, followed by 1.3200.

As an alternate scenario, if the USD/CAD edges up, its first supply area would be the upslope support trendline broken on Thursday at around 1.3330/40. Once reclaimed, the confluence of the 20/100-day EMAs around 1.3418/20 would be next, and then the January 19 high at 1.3520.

Technical Levels: Supports and Resistances

USDCAD currently trading at 1.3322 at the time of writing. Pair opened at 1.3385 and is trading with a change of -0.47 % .

The pair is trading below its 20 Daily moving average @ 1.3455, below its 50 Daily moving average @ 1.3504 , below its 100 Daily moving average @ 1.352 and above its 200 Daily moving average @ 1.3202

The previous day high was 1.3428 while the previous day low was 1.334. The daily 38.2% Fib levels comes at 1.3394, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3374, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.3341, 1.3296, 1.3253
• Pivot resistance is noted at 1.3429, 1.3472, 1.3517

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