#USDCAD @ 1.36299 The risk-off market mood in global markets has strengthened the US Dollar, (Pivot Orderbook analysis)

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• The risk-off market mood in global markets has strengthened the US Dollar,
• A bull cross, represented by the 20-and 50-EMAs at 1.3578, indicates more upside ahead.
• The RSI (14) has jumped into the bullish range of 60.00-80.00, which supports the Greenback.

The pair currently trades last at 1.36299.

The previous day high was 1.3685 while the previous day low was 1.3523. The daily 38.2% Fib levels comes at 1.3623, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3585, expected to provide support.

The USD/CAD pair has dropped to near 1.3636 in the Asian session after multiple failed attempts of breaking above the critical resistance of 1.3680. The US Dollar Index is delivering a subdued performance as investors are restricting themselves from making potential positions before the release of the United States ISM Manufacturing PMI data.

Meanwhile, S&P500 futures are attempting to recover after a two-day sell-off, however, the resilience in recovery is still missing, which indicates that the risk profile is still negative.

Investors should note that the trend has turned bullish on a four-hour scale after remaining topsy-turvy for a long period. The Loonie asset is likely to face barricades around the horizontal resistance plotted near the round-level hurdle of 1.3700.

A bull cross, represented by the 20-and 50-period Exponential Moving Averages (EMAs) at 1.3578, indicates more upside ahead.

Meanwhile, the Relative Strength Index (RSI) (14) has jumped into the bullish range of 60.00-80.00, which indicates more upside ahead.

A decisive break above the December 16 high around 1.3700 will strengthen the US Dollar and will drive the Loonie asset toward October 25 high at 1.3748 and November 3 high at 1.3808.

On the contrary, the major could drop to November 23 high at 1.3440 after surrendering the psychological support of 1.3500. Later on, a slippage below 1.3440 will expose the Loonie asset for more downside towards December 5 low at 1.3385.

Technical Levels: Supports and Resistances

USDCAD currently trading at 1.3637 at the time of writing. Pair opened at 1.367 and is trading with a change of -0.24 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.3607, 50 SMA 1.3526, 100 SMA @ 1.3459 and 200 SMA @ 1.3133.

The previous day high was 1.3685 while the previous day low was 1.3523. The daily 38.2% Fib levels comes at 1.3623, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3585, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.3566, 1.3463, 1.3404
• Pivot resistance is noted at 1.3729, 1.3788, 1.3891

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