#USDCAD @ 1.36659 drops from weekly highs above 1.3700 on sentiment improvement. (Pivot Orderbook analysis)
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- USD/CAD drops from weekly highs above 1.3700 on sentiment improvement.
- The USD/CAD fall was capped by sellers unable to crack the 20-day EMA.
- USD/CAD Price Analysis: For a bearish resumption, the USD/CAD needs a daily close below 1.3661.
The pair currently trades last at 1.36659.
The previous day high was 1.3773 while the previous day low was 1.3678. The daily 38.2% Fib levels comes at 1.3737, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3714, expected to provide resistance.
USD/CAD is erasing last Friday’s gains, hovering at around the 20-day Exponential Moving Average (EMA) at 1.3661 after hitting a daily high of 1.3746. A risk-on impulse on news that UBS bought Credit Suisse calmed tensions amidst turbulence in the banking system. Therefore, the USD/CAD exchanges hands at 1.3676, down 0.41%.
After peaking at 1.3862 ten days ago, the USD/CAD resumed its downtrend amidst overall US Dollar (USD) weakness. However, it should be said that the 20-day EMA has acted as a solid support, so for a bearish resumption, the USD/CAD must register a daily close below 1.3661.
Oscillators portray sellers gathering momentum, though the Relative Strength Index (RSI) needs to punch below the 50-midline, to further confirm a bearish continuation. Contrarily, the Rate of Change (RoC) indicates selling pressure increased. Therefore, the USD/CAD might test lower prices in the near term.
The USD/CAD first support would be the 20-day EMA at 1.3661, followed by the March 14 low at 1.3651. Break below, and the USD/CAD could tumble to 1.3600 before testing the 50-day EMA at 1.3570. Once cleared, the 100-day EMA at around 1.3500 would be challenged.
On the flip side, the USD/CAD first resistance would be the 1.3700 figure. A breach of the latter will expose the daily high at 1.3746, followed by 1.3800 and the last week’s high at 1.3814.
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3675 at the time of writing. Pair opened at 1.3729 and is trading with a change of -0.39 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3675 |
| 1 | Today Daily Change | -0.0054 |
| 2 | Today Daily Change % | -0.3900 |
| 3 | Today daily open | 1.3729 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.3658, 50 SMA 1.3497, 100 SMA @ 1.351 and 200 SMA @ 1.334.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3658 |
| 1 | Daily SMA50 | 1.3497 |
| 2 | Daily SMA100 | 1.3510 |
| 3 | Daily SMA200 | 1.3340 |
The previous day high was 1.3773 while the previous day low was 1.3678. The daily 38.2% Fib levels comes at 1.3737, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3714, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.368, 1.3631, 1.3585
- Pivot resistance is noted at 1.3776, 1.3822, 1.3872
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3773 |
| Previous Daily Low | 1.3678 |
| Previous Weekly High | 1.3828 |
| Previous Weekly Low | 1.3652 |
| Previous Monthly High | 1.3666 |
| Previous Monthly Low | 1.3262 |
| Daily Fibonacci 38.2% | 1.3737 |
| Daily Fibonacci 61.8% | 1.3714 |
| Daily Pivot Point S1 | 1.3680 |
| Daily Pivot Point S2 | 1.3631 |
| Daily Pivot Point S3 | 1.3585 |
| Daily Pivot Point R1 | 1.3776 |
| Daily Pivot Point R2 | 1.3822 |
| Daily Pivot Point R3 | 1.3872 |
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