#USDCAD @ 1.35947 fades bounce off intraday low, struggles to reject two-day downtrend., @nehcap view: Further downside expected (Pivot Orderbook analysis)
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- USD/CAD fades bounce off intraday low, struggles to reject two-day downtrend.
- Multiple hurdles to the north join downbeat RSI conditions to challenge bulls.
- Sellers have comparatively smoother roads to travel on breaking 1.3560.
The pair currently trades last at 1.35947.
The previous day high was 1.3689 while the previous day low was 1.3561. The daily 38.2% Fib levels comes at 1.361, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.364, expected to provide resistance.
USD/CAD retreats to 1.3588 as bulls struggle to defend the first daily gains in three heading into Friday’s European session. In doing so, the Loonie pair justifies downbeat RSI (14), as well as failures to cross the near-term key hurdles, in teasing the bears.
That said, the latest lows surrounding 1.3560 holds the key for the USD/CAD seller’s entry, a break of which could quickly drag the quote towards the December 02 swing high near 1.3520.
Following that, the 1.3500 round figure may act as an intermediate halt before highlighting the two-week-old support line, close to 1.3435 at the latest, for the pair bears.
In a case where USD/CAD bears dominate past 1.3435, the odds of witnessing a fresh monthly low, currently around 1.3385, can’t be ruled out.
On the flip side, a one-week-old horizontal resistance area near 1.3600 restricts the immediate upside of the USD/CAD pair.
Also acting as the key barrier for the pair buyers is the 1.3640-45 area that encompasses multiple levels marked since November 29.
Overall, USD/CAD remains pressured unless the quote successfully breaks the 1.3645 hurdle.
Trend: Further downside expected
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3592 at the time of writing. Pair opened at 1.3583 and is trading with a change of 0.07% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3592 |
| 1 | Today Daily Change | 0.0009 |
| 2 | Today Daily Change % | 0.07% |
| 3 | Today daily open | 1.3583 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.3435, 50 SMA 1.3569, 100 SMA @ 1.3323 and 200 SMA @ 1.3048.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3435 |
| 1 | Daily SMA50 | 1.3569 |
| 2 | Daily SMA100 | 1.3323 |
| 3 | Daily SMA200 | 1.3048 |
The previous day high was 1.3689 while the previous day low was 1.3561. The daily 38.2% Fib levels comes at 1.361, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.364, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.3533, 1.3483, 1.3405
- Pivot resistance is noted at 1.3661, 1.3739, 1.379
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3689 |
| Previous Daily Low | 1.3561 |
| Previous Weekly High | 1.3646 |
| Previous Weekly Low | 1.3381 |
| Previous Monthly High | 1.3808 |
| Previous Monthly Low | 1.3226 |
| Daily Fibonacci 38.2% | 1.3610 |
| Daily Fibonacci 61.8% | 1.3640 |
| Daily Pivot Point S1 | 1.3533 |
| Daily Pivot Point S2 | 1.3483 |
| Daily Pivot Point S3 | 1.3405 |
| Daily Pivot Point R1 | 1.3661 |
| Daily Pivot Point R2 | 1.3739 |
| Daily Pivot Point R3 | 1.3790 |
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