The USDCAD pair is currently at 1.34516 and is approaching the 1.3450 level after going through a cycle on Monday.
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- USD/CAD testing into the 1.3450 level after cycling on Monday.
The pair currently trades last at 1.34516.
The previous day high was 1.3492 while the previous day low was 1.3424. The daily 38.2% Fib levels comes at 1.3466, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.345, expected to provide support.
The USD/CAD slipped a scant 0.2% for Monday, after tapping into a mild intraday high of 1.3491.
The pair has fallen about 1.7% from September’s peak near 1.3694. Oil prices have been squeezing higher on market-wide supply constraint fears, which has been bolstering the commodity-based Loonie (CAD) despite the US Dollar’s (USD) broad rise across the market.
There is little of note on the economic calendar for Canada this week, and focus will squarely be on USD data impact.
Thursday will see US Gross Domestic Product (GDP) figures, as well as a speech from Federal Reserve (Fed) Chair Jerome Powell. Annualized GDP for the second quarter is forecast to tick higher from 2.1% to 2.3%.
On Friday, we will see US Personal Consumption Expenditure (PCE) data, which is expected to hold steady for the month of August at 0.2%.
Canadian GDP numbers will also land on Friday, but market impact is likely to be muted as US data churns the charts.
Canadian GDP for the month of July is expected to print at a flat 0%, but still an improvement over the previous month’s 0.2% decline.
The USD/CAD saw a clean rejection of the 200-hour Simple Moving Average (SMA) in intraday trading, and is set for a challenge of a rising near-term trendline from last Wednesday’s swing low near 1.3400.
On daily candlesticks, the USD/CAD is strung along the 200-say SMA. A bearish push from this region will see the pair lose the 1.3400 major handle, while a bullish rebound will need to reclaim the 1.3600 level before pushing to new highs.
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3456 at the time of writing. Pair opened at 1.3484 and is trading with a change of -0.21 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3456 |
| 1 | Today Daily Change | -0.0028 |
| 2 | Today Daily Change % | -0.2100 |
| 3 | Today daily open | 1.3484 |
The pair is trading below its 20 Daily moving average @ 1.3552, above its 50 Daily moving average @ 1.3441 , above its 100 Daily moving average @ 1.34 and below its 200 Daily moving average @ 1.3462
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3552 |
| 1 | Daily SMA50 | 1.3441 |
| 2 | Daily SMA100 | 1.3400 |
| 3 | Daily SMA200 | 1.3462 |
The previous day high was 1.3492 while the previous day low was 1.3424. The daily 38.2% Fib levels comes at 1.3466, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.345, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.3441, 1.3398, 1.3373
- Pivot resistance is noted at 1.3509, 1.3534, 1.3577
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3492 |
| Previous Daily Low | 1.3424 |
| Previous Weekly High | 1.3528 |
| Previous Weekly Low | 1.3379 |
| Previous Monthly High | 1.3640 |
| Previous Monthly Low | 1.3184 |
| Daily Fibonacci 38.2% | 1.3466 |
| Daily Fibonacci 61.8% | 1.3450 |
| Daily Pivot Point S1 | 1.3441 |
| Daily Pivot Point S2 | 1.3398 |
| Daily Pivot Point S3 | 1.3373 |
| Daily Pivot Point R1 | 1.3509 |
| Daily Pivot Point R2 | 1.3534 |
| Daily Pivot Point R3 | 1.3577 |
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