#USDCAD @ 1.32216 approaches the YTD high at around 1.3223, amidst a risk-off mood. (Pivot Orderbook analysis)

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• USD/CAD approaches the YTD high at around 1.3223, amidst a risk-off mood.
• If USD/CAD buyers hold the fort above 1.3200, it could open the door for further gains, as they eye 1.3300.

The pair currently trades last at 1.32216.

The previous day high was 1.3206 while the previous day low was 1.3139. The daily 38.2% Fib levels comes at 1.3181, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3165, expected to provide support.

The USD/CAD conquers the 1.3200 figure for the third time during the year, reaching a fresh weekly high, but shy of the YTD high reached on July 14 at 1.3227. The USD/CAD is trading at 1.3222, above its opening price by 0.39% at the time of writing.

The USD/CAD continued extending its gains throughout the week. After Tuesday’s gains of 1.36%, the major stabilized around the day’s highs, shy of the YTD peak, eyeing a break above that could pave the way towards 1.3300. Worth noting that the Relative Strength Index (RSI) remains in bullish territory, with some room before reaching overbought conditions, suggesting that a 1.3300 test is on the cards.

Near term, the USD/CAD four-hour chart shows the major testing of the 1.3200 figure for the third time in the month, poised to print a fresh YTD high above 1.3220. If buyers clear the 1.3227 YTD high, a move towards 1.3300 is likely to happen, but firstly it would need to overcome some hurdles on its way up.

The USD/CAD first resistance would be the YTD high at 1.3227. The break above will expose the R2 pivot point at 1-3237, followed by the R3 daily pivot at 1.3268, ahead of the 1.3300 figure.

On the flip side, the USD/CAD failure to hold above 1.3200 could pave the way for further downside. Therefore, the USD/CAD first support would be the daily pivot at 1.3172. Once it’s cleared, it would expose support levels, like the S1 daily pivot at 1.3134, followed by the 20-EMA at 1.3117, ahead of the S2 pivot at 1.3104.

Technical Levels: Supports and Resistances

USDCAD currently trading at 1.322 at the time of writing. Pair opened at 1.3166 and is trading with a change of 0.35 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.3063, 50 SMA 1.2962, 100 SMA @ 1.2901 and 200 SMA @ 1.2791.

The previous day high was 1.3206 while the previous day low was 1.3139. The daily 38.2% Fib levels comes at 1.3181, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3165, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.3134, 1.3103, 1.3067
• Pivot resistance is noted at 1.3201, 1.3237, 1.3268

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