#USDCAD @ 1.35406 reclaims 1.3500, distancing from the daily EMAs, as the uptrend accelerates. (Pivot Orderbook analysis)
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- USD/CAD reclaims 1.3500, distancing from the daily EMAs, as the uptrend accelerates.
- The major is testing a downslope trendline, which, if broken, the USD/CAD can rally to 1.3700.
The pair currently trades last at 1.35406.
The previous day high was 1.3495 while the previous day low was 1.3441. The daily 38.2% Fib levels comes at 1.3462, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3474, expected to provide support.
The USD/CAD advanced in the North American session, though it retraced from 7-week highs at 1.3549, it retreated late in the session. Nevertheless, the USD/CAD is trading at 1.3537 and is gaining 0.65%.
After bottoming around 1.3262, the USD/CAD pair is gaining traction, and it’s approaching a four-month-old downslope resistance area at around 1.3560-75. Albeit, the major cleared significant hurdles on its way north, namely the 20, 50, 100, and 200-day Exponential Moving Averages (EMAs), consolidated within a 200-pip range. Nonetheless, the USD/CAD reclaiming the 1.3500 figure exacerbated the rally to multi-week highs.
For an uptrend resumption, the USD/CAD needs to break a downslope resistance trendline at around 1.3560-75. Once broken, the USD/CAD might test the 1.3600 psychological level. A breach of the latter, the USD/CAD will rally toward the January 3 daily high at 1.3685, followed by 1.3700.
As an alternate scenario, the USD/CAD first support would be 1.3500. Once cleared, the path toward the 50-day EMA at 1.3436 would be clear. The following demand area to be tested by the USD/CAD would be the confluence of the 20 and 100-day EMAs, at 1.3418 and 1.3413, respectively.
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3537 at the time of writing. Pair opened at 1.3453 and is trading with a change of 0.62 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3537 |
| 1 | Today Daily Change | 0.0084 |
| 2 | Today Daily Change % | 0.6200 |
| 3 | Today daily open | 1.3453 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.3382, 50 SMA 1.3466, 100 SMA @ 1.3516 and 200 SMA @ 1.3249.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3382 |
| 1 | Daily SMA50 | 1.3466 |
| 2 | Daily SMA100 | 1.3516 |
| 3 | Daily SMA200 | 1.3249 |
The previous day high was 1.3495 while the previous day low was 1.3441. The daily 38.2% Fib levels comes at 1.3462, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3474, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.3431, 1.341, 1.3378
- Pivot resistance is noted at 1.3485, 1.3516, 1.3538
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3495 |
| Previous Daily Low | 1.3441 |
| Previous Weekly High | 1.3538 |
| Previous Weekly Low | 1.3274 |
| Previous Monthly High | 1.3685 |
| Previous Monthly Low | 1.3300 |
| Daily Fibonacci 38.2% | 1.3462 |
| Daily Fibonacci 61.8% | 1.3474 |
| Daily Pivot Point S1 | 1.3431 |
| Daily Pivot Point S2 | 1.3410 |
| Daily Pivot Point S3 | 1.3378 |
| Daily Pivot Point R1 | 1.3485 |
| Daily Pivot Point R2 | 1.3516 |
| Daily Pivot Point R3 | 1.3538 |
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