#USDCAD @ 1.34865 The Canadian Dollar is bouncing up after a five-day losing streak. (Pivot Orderbook analysis)
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- The Canadian Dollar is bouncing up after a five-day losing streak.
- A brighter market mood and a moderate rebound in Crude prices are supporting the CAD.
- USD/CAD broader trend remains positive while above 1.3450.
The pair currently trades last at 1.34865.
The previous day high was 1.3542 while the previous day low was 1.348. The daily 38.2% Fib levels comes at 1.3518, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3504, expected to provide resistance.
The US Dollar paring some gains on Thursday. An improved risk sentiment and a moderate rebound in Oil prices have offset the positive impact of strong US data and are weighing on the Greenback.
Investors’ appetite for risk has increased on Thursday. Most European indexes are trading with gains, following a negative opening which is giving some respite to the Canadian Dollar and weighing on the safe-haven USD.
Beyond that Crude prices extended their rebound supported by a report by the International Energy Agency (IEA) which has upgraded the current year’s global demand for Oil.
Data released on Wednesday revealed that US Retail Sales increased beyond expectations in December. These figures highlight the strong solid momentum of the US economy and pour cold water over market expectations that the Fed will start cutting rates in March.
Also on Wednesday, Canada’s Industrial Production and the Raw Materials Prices Index contracted beyond expectations, increasing negative pressure on the loonie.
Today the focus will be on the US Weekly Jobless Claims and housing data. Beyond that Atlanta Fed President and CEO, Raphael Bostic will si expected to meet the press and his comments on the bank’s monetary policy will be observed with attention.
The broader trend, however, remains positive, with the pair still above previous highs, at 1.3450. Below here, the next target is 1.3350. On the upside, resistances are 1.3545 and 1.3625.
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3484 at the time of writing. Pair opened at 1.3512 and is trading with a change of -0.21 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3484 |
| 1 | Today Daily Change | -0.0028 |
| 2 | Today Daily Change % | -0.2100 |
| 3 | Today daily open | 1.3512 |
The pair is trading above its 20 Daily moving average @ 1.3336, below its 50 Daily moving average @ 1.3495 , below its 100 Daily moving average @ 1.3568 and above its 200 Daily moving average @ 1.348
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3336 |
| 1 | Daily SMA50 | 1.3495 |
| 2 | Daily SMA100 | 1.3568 |
| 3 | Daily SMA200 | 1.3480 |
The previous day high was 1.3542 while the previous day low was 1.348. The daily 38.2% Fib levels comes at 1.3518, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3504, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.3481, 1.345, 1.342
- Pivot resistance is noted at 1.3543, 1.3573, 1.3604
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3542 |
| Previous Daily Low | 1.3480 |
| Previous Weekly High | 1.3443 |
| Previous Weekly Low | 1.3341 |
| Previous Monthly High | 1.3620 |
| Previous Monthly Low | 1.3178 |
| Daily Fibonacci 38.2% | 1.3518 |
| Daily Fibonacci 61.8% | 1.3504 |
| Daily Pivot Point S1 | 1.3481 |
| Daily Pivot Point S2 | 1.3450 |
| Daily Pivot Point S3 | 1.3420 |
| Daily Pivot Point R1 | 1.3543 |
| Daily Pivot Point R2 | 1.3573 |
| Daily Pivot Point R3 | 1.3604 |
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