#USDCAD @ 1.35903 struggles to extend three-day uptrend near the highest levels in three weeks., @nehcap view: Further upside expected (Pivot Orderbook analysis)
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- USD/CAD struggles to extend three-day uptrend near the highest levels in three weeks.
- Break of two-month-old horizontal support, bearish MACD signals favor buyers.
- 50-DMA, seven-week-long descending trend line restrict immediate upside.
The pair currently trades last at 1.35903.
The previous day high was 1.3505 while the previous day low was 1.3381. The daily 38.2% Fib levels comes at 1.3458, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3428, expected to provide support.
USD/CAD remains sidelined around 1.3585-90, recently picking up bids, as traders struggle with the key hurdle during early Wednesday morning in Asia. In doing so, the Loonie pair probes the three-day uptrend around a multi-day top marked the previous day.
Even so, the USD/CAD pair’s sustained trading beyond the previous key resistances and the 100-DMA joins the bullish MACD signals to keep the buyers hopeful.
That said, a downward-sloping trend line from October 13 and the 50-DMA restrict immediate USD/CAD moves between 1.3600 and 1.3580, a break of which could quickly propel the quote towards the monthly top near 1.3810.
However, multiple hurdles around 1.3840 and 1.3860 could challenge the USD/CAD bulls past 1.3810, which if ignored will highlight the yearly top marked in October surrounding 1.3980.
Alternatively, pullback moves remain elusive unless the quote stays beyond the horizontal support established since early October, near 1.3490 by the press time.
Following that, an upward-sloping trend line from August 11, currently at 1.3340, will precede the 100-DMA support of 1.3287 to challenge the USD/CAD bears.
Overall, USD/CAD is likely to remain firmer but the road to the north appears bumpy.
Trend: Further upside expected
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3592 at the time of writing. Pair opened at 1.3503 and is trading with a change of 0.66% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3592 |
| 1 | Today Daily Change | 0.0089 |
| 2 | Today Daily Change % | 0.66% |
| 3 | Today daily open | 1.3503 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.3432, 50 SMA 1.3574, 100 SMA @ 1.3276 and 200 SMA @ 1.3015.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3432 |
| 1 | Daily SMA50 | 1.3574 |
| 2 | Daily SMA100 | 1.3276 |
| 3 | Daily SMA200 | 1.3015 |
The previous day high was 1.3505 while the previous day low was 1.3381. The daily 38.2% Fib levels comes at 1.3458, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3428, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.3421, 1.334, 1.3298
- Pivot resistance is noted at 1.3545, 1.3586, 1.3668
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3505 |
| Previous Daily Low | 1.3381 |
| Previous Weekly High | 1.3495 |
| Previous Weekly Low | 1.3316 |
| Previous Monthly High | 1.3978 |
| Previous Monthly Low | 1.3496 |
| Daily Fibonacci 38.2% | 1.3458 |
| Daily Fibonacci 61.8% | 1.3428 |
| Daily Pivot Point S1 | 1.3421 |
| Daily Pivot Point S2 | 1.3340 |
| Daily Pivot Point S3 | 1.3298 |
| Daily Pivot Point R1 | 1.3545 |
| Daily Pivot Point R2 | 1.3586 |
| Daily Pivot Point R3 | 1.3668 |
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