#USDCAD @ 1.34440 picks up bids to refresh intraday high., @nehcap view: Limited recovery expected (Pivot Orderbook analysis)

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• USD/CAD picks up bids to refresh intraday high.
• Bulls jostle with a convergence of the 21-DMA and two-week-old resistance line.
• MACD teases buyers, 100-DMA appears a tough nut to crack for the USD/CAD bears.

The pair currently trades last at 1.34440.

The previous day high was 1.3398 while the previous day low was 1.3317. The daily 38.2% Fib levels comes at 1.3367, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3348, expected to provide support.

USD/CAD renews intraday high around 1.3440 during the second daily run-up amid early Monday.

In doing so, the Loonie pair buyers attack a convergence of the 21-Day Moving Average (DMA) and a downward-sloping from November 10, around 1.3440 by the press time.

It should be noted that the pair’s successful trading above the 100-DMA and steady RSI joins the impending bull cross on the MACD to keep the USD/CAD buyers hopeful of crossing the 1.3440 hurdle.

Following that, the 38.2% Fibonacci retracement of the pair’s August-October upside, near 1.3500, will challenge the USD/CAD bulls before directing them to the six-week-old resistance line around 1.3610.

On the flip side, a two-week-old ascending support line, near 1.3320 could restrict the immediate downside of the USD/CAD pair before the 100-DMA support of 1.3275.

In a case where the Loonie pair remains weak past 1.3275, the 61.8% Fibonacci retracement level of 1.3207, quickly followed by the 1.3200 round figure, could act as the last defense of the USD/CAD buyers, a break of which will make the pair vulnerable to plunging towards 1.3000 psychological magnet.

Overall, USD/CAD is likely to portray further upside but the 1.3610 is a crucial resistance to watch for the pair traders.

Trend: Limited recovery expected

Technical Levels: Supports and Resistances

USDCAD currently trading at 1.343 at the time of writing. Pair opened at 1.337 and is trading with a change of 0.45% % .

The pair is trading below its 20 Daily moving average @ 1.3438, below its 50 Daily moving average @ 1.3569 , above its 100 Daily moving average @ 1.3271 and above its 200 Daily moving average @ 1.3011

The previous day high was 1.3398 while the previous day low was 1.3317. The daily 38.2% Fib levels comes at 1.3367, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3348, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.3325, 1.328, 1.3244
• Pivot resistance is noted at 1.3406, 1.3443, 1.3488

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