#USDCAD @ 1.34648 grinds higher after positing two-day winning streak., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• USD/CAD grinds higher after positing two-day winning streak.
• Bullish MACD signals, sustained trading beyond weekly support line favor buyers.
• Convergence of 100-DMA, four-month-old resistance line appears a tough nut to crack for bulls.

The pair currently trades last at 1.34648.

The previous day high was 1.3463 while the previous day low was 1.3373. The daily 38.2% Fib levels comes at 1.3429, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3407, expected to provide support.

USD/CAD teases buyers around 1.3465-70 heading into Friday’s European session, after a two-day uptrend, as the Loonie pair traders await crucial statistics from Canada and the US. In doing so, the quote remains indecisive despite printing minor gains by the press time.

Also read: USD/CAD copies Oil’s inaction near mid-1.3400s, Canada employment, early signals for US inflation eyed

Even so, the bullish MACD signals join the pair’s successful trading above the weekly support line, around 1.3390 by the press time, to keep the buyers hopeful.

That said, the 50-DMA level surrounding 1.3500 guards the USD/CAD pair’s immediate upside before the convergence of the 100-DMA and descending resistance line from early October, close to 1.3540 at the latest.

In a case where the Loonie pair manages to stay beyond 1.3540, the previous monthly high of 1.3685 and the December 2022 peak surrounding 1.3705 will act as the last defense of the USD/CAD bears.

On the flip side, a clear break of the weekly support line, near 1.3390, will aim for the weekly low of 1.3360 before highlighting the monthly bottom surrounding 1.3260.

Should the USD/CAD prices remain weak past 1.3260, November 2022 low and the last July’s peak, respectively around 1.3235 and 1.3220, will gain the market’s attention.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDCAD currently trading at 1.3465 at the time of writing. Pair opened at 1.3461 and is trading with a change of 0.03% % .

The pair is trading above its 20 Daily moving average @ 1.3388, below its 50 Daily moving average @ 1.3495 , below its 100 Daily moving average @ 1.3536 and above its 200 Daily moving average @ 1.3234

The previous day high was 1.3463 while the previous day low was 1.3373. The daily 38.2% Fib levels comes at 1.3429, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3407, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.3401, 1.3342, 1.3311
• Pivot resistance is noted at 1.3492, 1.3523, 1.3583

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