#USDCAD @ 1.32400 remains sidelined at the highest levels since November 2020., @nehcap view: Pullback expected (Pivot Orderbook analysis)

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• USD/CAD remains sidelined at the highest levels since November 2020.
• RSI (14) conditions, 61.8% FE probe bulls, sellers need validation from two-month-old previous resistance.
• 78.6% FE, late 2020 peak could lure buyers beyond 1.3250.

The pair currently trades last at 1.32400.

The previous day high was 1.324 while the previous day low was 1.3154. The daily 38.2% Fib levels comes at 1.3207, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3187, expected to provide support.

USD/CAD bulls take a breather at the 22-month high, sidelined around 1.3240 during early Friday morning in Europe, as overbought RSI (14) and a short-term key hurdle challenge further upside of the Loonie pair.

That said, the 61.8% Fibonacci Expansion (FE) of the pair’s moves between August 11 and September 13, close to 1.3250, restricts the quote’s immediate upside.

Even so, successful trading beyond the previous resistance line from mid-July, now support around 1.3200, keeps the USD/CAD buyers hopeful.

That said, the 78.6% FE level near 1.3330 could lure the pair bulls should the prices rally beyond the 1.3250 immediate hurdle. Following that, October 2020 high near 1.3390 will be in focus.

Alternatively, a downside break of the 1.3200 resistance-turned-support could quickly fetch the USD/CAD pair towards the mid-week low of around 1.3150.

Though, the late August swing high and the 200-SMA, respectively near 1.3060 and 1.2990, could challenge the Loonie pair’s further downside.

Trend: Pullback expected

Technical Levels: Supports and Resistances

USDCAD currently trading at 1.3239 at the time of writing. Pair opened at 1.3227 and is trading with a change of 0.09 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.3077, 50 SMA 1.2967, 100 SMA @ 1.2906 and 200 SMA @ 1.2793.

The previous day high was 1.324 while the previous day low was 1.3154. The daily 38.2% Fib levels comes at 1.3207, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3187, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.3174, 1.3121, 1.3087
• Pivot resistance is noted at 1.326, 1.3294, 1.3347

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