#USDCAD @ 1.34298 retreats from one-week high, renews intraday low while snapping two-day uptrend., @nehcap view: Limited downside expected (Pivot Orderbook analysis)
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- USD/CAD retreats from one-week high, renews intraday low while snapping two-day uptrend.
- Previous support line from early August, 21-DMA guards immediate upside.
- 100-DMA, impending bull cross on the MACD tease buyers.
The pair currently trades last at 1.34298.
The previous day high was 1.3495 while the previous day low was 1.3375. The daily 38.2% Fib levels comes at 1.3449, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3421, expected to provide support.
USD/CAD holds lower ground near the intraday bottom surrounding 1.3430 during early Tuesday, snapping a two-day uptrend at the latest.
In doing so, the Loonie pair reverses from the previous support line stretched from August 11, as well as the 21-Day Moving Average (DMA).
However, the looming bull cross on the Moving Average Convergence and Divergence (MACD) indicator joins the quote’s successful trading above the 100-DMA to keep buyers hopeful.
Hence, the latest pullback could aim for the 50% Fibonacci retracement level of the USD/CAD pair’s August-October upside, near 1.3350 by the press time, but its further downside needs to conquer the 100-DMA level of 1.3260 to convince the bears.
Even so, the 61.8% Fibonacci retracement near the 1.3200 threshold could challenge the Loonie pair’s further downside.
Meanwhile, the aforementioned support-turned-resistance and the 21-DMA restrict the USD/CAD pair’s short-term recovery moves near 1.3460 and 1.3480 in that order.
Following that, lows marked during October around 1.3500 and a downward-sloping resistance line from October 13, close to 1.3665 by the press time, will be in the last defenses of the pair sellers.
Trend: Limited downside expected
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3429 at the time of writing. Pair opened at 1.3453 and is trading with a change of -0.18% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3429 |
| 1 | Today Daily Change | -0.0024 |
| 2 | Today Daily Change % | -0.18% |
| 3 | Today daily open | 1.3453 |
The pair is trading below its 20 Daily moving average @ 1.3482, below its 50 Daily moving average @ 1.3556 , above its 100 Daily moving average @ 1.3257 and above its 200 Daily moving average @ 1.2998
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3482 |
| 1 | Daily SMA50 | 1.3556 |
| 2 | Daily SMA100 | 1.3257 |
| 3 | Daily SMA200 | 1.2998 |
The previous day high was 1.3495 while the previous day low was 1.3375. The daily 38.2% Fib levels comes at 1.3449, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3421, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.3387, 1.3321, 1.3267
- Pivot resistance is noted at 1.3507, 1.3561, 1.3627
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3495 |
| Previous Daily Low | 1.3375 |
| Previous Weekly High | 1.3409 |
| Previous Weekly Low | 1.3226 |
| Previous Monthly High | 1.3978 |
| Previous Monthly Low | 1.3496 |
| Daily Fibonacci 38.2% | 1.3449 |
| Daily Fibonacci 61.8% | 1.3421 |
| Daily Pivot Point S1 | 1.3387 |
| Daily Pivot Point S2 | 1.3321 |
| Daily Pivot Point S3 | 1.3267 |
| Daily Pivot Point R1 | 1.3507 |
| Daily Pivot Point R2 | 1.3561 |
| Daily Pivot Point R3 | 1.3627 |
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