#USDCAD @ 1.36888 holds onto the previous day’s rebound, picks up bids of late., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• USD/CAD holds onto the previous day’s rebound, picks up bids of late.
• Bullish candlestick formation, recovery from short-term support line favor buyers.
• Weekly resistance line, overbought RSI challenge upside momentum.
• 10-DMA adds to the downside filters before reversing the uptrend.

The pair currently trades last at 1.36888.

The previous day high was 1.3756 while the previous day low was 1.3605. The daily 38.2% Fib levels comes at 1.3698, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3663, expected to provide support.

USD/CAD defends the third consecutive weekly gain at around 1.3685 during Friday’s Asian session. In doing so, the Loonie pair justifies the previous day’s bullish candlestick formation, as well as a rebound from the 13-day-old support line, amid the price-positive MACD signals.

With this, the quote is well-set to challenge the immediate hurdle, namely the weekly resistance line surrounding 1.3740, before aiming for the recently flashed multi-month high near 1.3835.

It’s worth noting that the 1.3800 could act as an extra resistance that could join the overbought RSI (14) to challenge the USD/CAD buyers.

If at all the pair remains firmer past 1.3835, the odds of witnessing a rally towards the 1.4000 psychological magnet can’t be ruled out.

Meanwhile, pullback moves need to provide a daily closing below the stated support line, near 1.3660 by the press time.

Even so, the 10-DMA level around 1.3560 could challenge the USD/CAD bears before giving them control.

Overall, USD/CAD remains on the bull’s radar but the upside momentum appears limited.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDCAD currently trading at 1.3681 at the time of writing. Pair opened at 1.3681 and is trading with a change of 0.00% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.332, 50 SMA 1.3077, 100 SMA @ 1.2966 and 200 SMA @ 1.2827.

The previous day high was 1.3756 while the previous day low was 1.3605. The daily 38.2% Fib levels comes at 1.3698, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3663, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.3606, 1.353, 1.3455
• Pivot resistance is noted at 1.3756, 1.3832, 1.3907

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