#USDCAD @ 1.34444 climbs, bolstered by elevated US Treasury bond yields, aiming for a daily close above 1.3450. (Pivot Orderbook analysis)

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• USD/CAD climbs, bolstered by elevated US Treasury bond yields, aiming for a daily close above 1.3450.
• The USD/CAD bearish bias will resume below 1.3400, as sellers would eye the 200-DMA.

The pair currently trades last at 1.34444.

The previous day high was 1.34 while the previous day low was 1.336. The daily 38.2% Fib levels comes at 1.3375, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3384, expected to provide support.

USD/CAD climbs in the mid-North American session and tests a six-month-old resistance trendline that passes at around 1.3440. Though the USD/CAD bias remains neutral-to-downward biased, it could shift neutral if the pair reclaims the 100-day Exponential Moving Average (EMA). At the time of writing, the USD/CAD is trading at 1.3444 after reaching a low of 1.3384.

Given the backdrop, the USD/CAD could continue to rally and test the 20-day EMA at 1.3483 in the near term, which will immediately expose the 100-day EMA at 1.3500. Once that psychological resistance level is cleared, the bias shifts to neutral. A breach of the latter and the USD/CAD can test the 50-day EMA at 1.3525 before aiming for the 1.3600 figure.

Conversely, a USD/CAD bearish resumption will happen if the latest leg-up struggles to crack 1.3450. If that scenario plays out, coupled with the Relative Strength Index (RSI) staying in bearish territory, the USD/CAD could re-test 1.3400, followed by the 200-day EMA at 1.3378. A break below will turn the USD/CAD pair bearish and open the door to test the YTD low at 1.3262.

Technical Levels: Supports and Resistances

USDCAD currently trading at 1.3446 at the time of writing. Pair opened at 1.339 and is trading with a change of 0.42 % .

The pair is trading below its 20 Daily moving average @ 1.3515, below its 50 Daily moving average @ 1.3562 , below its 100 Daily moving average @ 1.3528 and above its 200 Daily moving average @ 1.3405

The previous day high was 1.34 while the previous day low was 1.336. The daily 38.2% Fib levels comes at 1.3375, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3384, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.3367, 1.3343, 1.3327
• Pivot resistance is noted at 1.3406, 1.3423, 1.3446

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