#USDCAD @ 1.36250 Price Analysis: Reverses from two-month-old hurdle towards 1.3600, @nehcap view: Bullish (Pivot Orderbook analysis)
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The pair currently trades last at 1.36250.
The previous day high was 1.3645 while the previous day low was 1.3586. The daily 38.2% Fib levels comes at 1.3623, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3609, expected to provide support.
USD/CAD retreats from the previous monthly high, refreshing intraday low near 1.3625 at the latest, as Loonie buyers return after a two-day recess.
In doing so, the quote portrays a U-turn from a downward-sloping resistance line from March 28, close to 1.3650 by the press time.
The pullback moves, however, appear less impressive as the quote keeps the mid-week breakout of the previous key resistance line stretched from early March amid bullish MACD signals and an upbeat RSI (14) line, not overbought.
Hence, the USD/CAD pair’s pullback remains elusive beyond the resistance-turned-support line of around 1.3560.
Even if the quote breaks the 1.3560 support, a convergence of the 50-DMA and a three-week-long rising trend line, close to 1.3525 at the latest, could challenge the USD/CAD pair sellers before giving them control.
In that case, the 61.8% Fibonacci retracement of February-March upside, near 1.3490, can prod the pair’s downward trajectory targeting an upward-sloping support line from February, around 1.3380.
Alternatively, a daily closing beyond the immediate resistance line surrounding 1.3650 needs validation from the previous monthly high of nearly 1.3670 to recall the Loonie pair buyers.
Following that, the yearly high marked in March around 1.3860 will gain the market’s attention.
Trend: Bullish
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3622 at the time of writing. Pair opened at 1.3641 and is trading with a change of -0.14% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3622 |
| 1 | Today Daily Change | -0.0019 |
| 2 | Today Daily Change % | -0.14% |
| 3 | Today daily open | 1.3641 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.3504, 50 SMA 1.3527, 100 SMA @ 1.351 and 200 SMA @ 1.349.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3504 |
| 1 | Daily SMA50 | 1.3527 |
| 2 | Daily SMA100 | 1.3510 |
| 3 | Daily SMA200 | 1.3490 |
The previous day high was 1.3645 while the previous day low was 1.3586. The daily 38.2% Fib levels comes at 1.3623, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3609, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.3603, 1.3566, 1.3545
- Pivot resistance is noted at 1.3662, 1.3682, 1.372
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3645 |
| Previous Daily Low | 1.3586 |
| Previous Weekly High | 1.3568 |
| Previous Weekly Low | 1.3404 |
| Previous Monthly High | 1.3668 |
| Previous Monthly Low | 1.3301 |
| Daily Fibonacci 38.2% | 1.3623 |
| Daily Fibonacci 61.8% | 1.3609 |
| Daily Pivot Point S1 | 1.3603 |
| Daily Pivot Point S2 | 1.3566 |
| Daily Pivot Point S3 | 1.3545 |
| Daily Pivot Point R1 | 1.3662 |
| Daily Pivot Point R2 | 1.3682 |
| Daily Pivot Point R3 | 1.3720 |
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