#USDCAD @ 1.36370 struggles to defend upside momentum at the highest levels in a month., @nehcap view: Pullback expected (Pivot Orderbook analysis)
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- USD/CAD struggles to defend upside momentum at the highest levels in a month.
- Overbought RSI (14) line challenges Loonie pair buyers inside two-week-old bullish channel.
- Descending trend line from early March, 200-SMA are extra trading filters to watch amid likely pullback in price.
The pair currently trades last at 1.36370.
The previous day high was 1.3651 while the previous day low was 1.3599. The daily 38.2% Fib levels comes at 1.3631, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3619, expected to provide support.
USD/CAD treads water around the highest levels since late March, making rounds to 1.3640 amid early Thursday morning in Europe. In doing so, the Loonie pair justifies overbought conditions of the RSI (14) line. However, a fortnight-long bullish channel and sustained trading beyond the 200-SMA keeps the Canadian Dollar (CAD) bears hopeful.
With this, the quote’s pullback towards the 1.3600 round figure appears imminent. However, the aforementioned channel’s bottom line, close to 1.3595, could challenge the pair sellers afterward.
Even if the USD/CAD bears manage to defy the bullish chart formation by a downside break of 1.3595 support, the 200-SMA level of 1.3560 puts a floor under the prices.
On the flip side, a six-week-long descending resistance line, close to 1.3675 at the latest, restricts the immediate upside of the USD/CAD.
Following that, the short-term rising channel’s top line, near 1.3690 by the press time, can check the Loonie pair buyers before directing them to the late March high surrounding 1.3800.
In a case where the USD/CAD bulls occupy the driver’s seat beyond 1.3800, the yearly top marked in the last month around 1.3860 will be in the spotlight.
Overall, USD/CAD is likely to remain firmer but a short-term pullback can’t be ruled out.
Trend: Pullback expected
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3637 at the time of writing. Pair opened at 1.3636 and is trading with a change of 0.01% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3637 |
| 1 | Today Daily Change | 0.0001 |
| 2 | Today Daily Change % | 0.01% |
| 3 | Today daily open | 1.3636 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.3479, 50 SMA 1.3581, 100 SMA @ 1.3528 and 200 SMA @ 1.3422.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3479 |
| 1 | Daily SMA50 | 1.3581 |
| 2 | Daily SMA100 | 1.3528 |
| 3 | Daily SMA200 | 1.3422 |
The previous day high was 1.3651 while the previous day low was 1.3599. The daily 38.2% Fib levels comes at 1.3631, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3619, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.3607, 1.3577, 1.3555
- Pivot resistance is noted at 1.3658, 1.3681, 1.371
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3651 |
| Previous Daily Low | 1.3599 |
| Previous Weekly High | 1.3563 |
| Previous Weekly Low | 1.3343 |
| Previous Monthly High | 1.3862 |
| Previous Monthly Low | 1.3508 |
| Daily Fibonacci 38.2% | 1.3631 |
| Daily Fibonacci 61.8% | 1.3619 |
| Daily Pivot Point S1 | 1.3607 |
| Daily Pivot Point S2 | 1.3577 |
| Daily Pivot Point S3 | 1.3555 |
| Daily Pivot Point R1 | 1.3658 |
| Daily Pivot Point R2 | 1.3681 |
| Daily Pivot Point R3 | 1.3710 |
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