#USDCAD @ 1.32934 The Loonie would finish the week with losses above 2%. (Pivot Orderbook analysis)

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• The Loonie would finish the week with losses above 2%.
• A dismal sentiment weighed on risk-sensitive currencies like the Canadian dollar.
• USD/CAD Price Analysis: A daily close above 1.3300 could pave the way towards 1.3400.

The pair currently trades last at 1.32934.

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.

The USD/CAD rallied to a nearly two-year high at around 1.3307, a level last seen in November 2020, spurred by a risk-off impulse as investors worried about an aggressive Federal Reserve hike that could tap the US economy into a recession. At the time of writing, the USD/CAD is trading at 1.3293, above its opening price by 0.51%.

The Loonie weakened vs. a solid greenback, piercing the 1.3300 mark briefly during the North American session. Given that the USD/CAD began trending up in April of 2021, the major might continue to extend its gains. Once achieving a daily close above the 1.3300 figure, the following target would be October 29, 2020, a daily high, at around 1.3390. Once cleared, it would expose the September 2020 highs at 1.3418.

Near term, the USD/CAD is poised to the upside, even though it retreated from above the 1.3300 figure. Worth noting that the 20-EMA at 1.3267 capped the retracement; since then, the pair recovered towards the R2 daily pivot at 1.3295. A breach of the latter will re-expose the YTD high at 1.3307, which, once cleared, would open the door toward the R3 pivot point at 1.3347, ahead of the R4 daily pivot at the 1.3400 mark.

Technical Levels: Supports and Resistances

USDCAD currently trading at 1.3293 at the time of writing. Pair opened at 1.3227 and is trading with a change of 0.51 % .

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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