The currency pair USDCAD, currently trading at 1.32860, has created a bearish engulfing pattern and is finding it difficult to surpass the 1.3300 level. This suggests that there may be a potential decline in its value.
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- USD/CAD forms a bearish engulfing pattern and struggles to breach the 1.3300 mark, signaling a possible downside.
The pair currently trades last at 1.32860.
The previous day high was 1.3387 while the previous day low was 1.3266. The daily 38.2% Fib levels comes at 1.3312, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3341, expected to provide resistance.
USD/CAD bounces off the 20-day Exponential Moving Average (EMA) at 1.3278 after forming a bearish engulfing candlestick pattern, which suggests further downside is expected. Nevertheless, dynamic support spurred a jump in the USD/CAD exchange rates but fell short of cracking the 1.3300 figure. At the time of writing, the USD/CAD is trading at 1.3286 after hitting a daily high of 1.3304.
The USD/CAD remains neutral biased, capped on the upside by strong resistance levels, like the 50, 200, and 100-day EMAs, each at 1.3354, 1.3383, and 1.3411, respectively. Additionally, a bearish engulfing candle pattern suggests the pair might dip lower, with the 20-day EMA being the first support at 1.3278.
A breach of the latter will expose July’s 4 daily low of 1.3203. once cleared, the USD/CAD could extend its slide to the year-to-date (YTD) low of 1.3116.
Conversely, if USD/CAD reclaims 1.3300, the 50-day EMA at 1.3354 would be up for grabs. Next, resistance levels would emerge at the 200 EMA before buyers challenge 1.3400. Once broken, the USD/CAD could test the 100-day EMA at 1.3411.
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3287 at the time of writing. Pair opened at 1.3273 and is trading with a change of 0.11 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3287 |
| 1 | Today Daily Change | 0.0014 |
| 2 | Today Daily Change % | 0.1100 |
| 3 | Today daily open | 1.3273 |
The pair is trading above its 20 Daily moving average @ 1.3244, below its 50 Daily moving average @ 1.3392 , below its 100 Daily moving average @ 1.3489 and below its 200 Daily moving average @ 1.3503
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3244 |
| 1 | Daily SMA50 | 1.3392 |
| 2 | Daily SMA100 | 1.3489 |
| 3 | Daily SMA200 | 1.3503 |
The previous day high was 1.3387 while the previous day low was 1.3266. The daily 38.2% Fib levels comes at 1.3312, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3341, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.323, 1.3188, 1.3109
- Pivot resistance is noted at 1.3351, 1.343, 1.3472
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3387 |
| Previous Daily Low | 1.3266 |
| Previous Weekly High | 1.3387 |
| Previous Weekly Low | 1.3203 |
| Previous Monthly High | 1.3585 |
| Previous Monthly Low | 1.3117 |
| Daily Fibonacci 38.2% | 1.3312 |
| Daily Fibonacci 61.8% | 1.3341 |
| Daily Pivot Point S1 | 1.3230 |
| Daily Pivot Point S2 | 1.3188 |
| Daily Pivot Point S3 | 1.3109 |
| Daily Pivot Point R1 | 1.3351 |
| Daily Pivot Point R2 | 1.3430 |
| Daily Pivot Point R3 | 1.3472 |
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