#USDCAD @ 1.35376 extends pullback from seven-week high during two-day losing streak., @nehcap view: Limited downside expected (Pivot Orderbook analysis)
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- USD/CAD extends pullback from seven-week high during two-day losing streak.
- Bearish candlestick formation, U-turn from key resistance line favor sellers.
- 100-DMA, resistance-turned-support line challenges Loonie pair sellers amid bullish MACD signals.
The pair currently trades last at 1.35376.
The previous day high was 1.3581 while the previous day low was 1.3516. The daily 38.2% Fib levels comes at 1.3541, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3557, expected to provide resistance.
USD/CAD holds lower ground near 1.3530 as bears cheer the previous day’s U-turn from the key resistance line during early Friday. Adding strength to the downside bias is Thursday’s bearish spinning top candlestick.
However, bullish MACD signals and nearness to the 100-DMA support, around 1.3510 by the press time, hints at limited downside room for the Loonie pair.
Even if the quote breaks the stated DMA support, the previous resistance line from early November, around 1.3490 at the latest, could challenge the downside moves.
It should be noted that the early February highs near 1.3475 and multiple levels surrounding 1.3400 also put a floor under the USD/CAD prices.
It’s worth observing that an upward-sloping support line from November 15, close to 1.3280 as we write, becomes crucial for the pair bears to watch during the quote’s weakness past 1.3400.
Alternatively, recovery moves need to cross the aforementioned resistance line from early November, near 1.3580, to convince USD/CAD buyers.
Following that, the early January high near 1.3685 and December 2022 peak surrounding 1.3705 will gain the market’s attention.
Overall, USD/CAD remains on the bull’s radar but the short-term pullback can’t be ruled out.
Trend: Limited downside expected
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3535 at the time of writing. Pair opened at 1.3543 and is trading with a change of -0.06% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3535 |
| 1 | Today Daily Change | -0.0008 |
| 2 | Today Daily Change % | -0.06% |
| 3 | Today daily open | 1.3543 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.341, 50 SMA 1.3463, 100 SMA @ 1.3513 and 200 SMA @ 1.326.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3410 |
| 1 | Daily SMA50 | 1.3463 |
| 2 | Daily SMA100 | 1.3513 |
| 3 | Daily SMA200 | 1.3260 |
The previous day high was 1.3581 while the previous day low was 1.3516. The daily 38.2% Fib levels comes at 1.3541, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3557, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.3512, 1.3482, 1.3447
- Pivot resistance is noted at 1.3577, 1.3612, 1.3642
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3581 |
| Previous Daily Low | 1.3516 |
| Previous Weekly High | 1.3538 |
| Previous Weekly Low | 1.3274 |
| Previous Monthly High | 1.3685 |
| Previous Monthly Low | 1.3300 |
| Daily Fibonacci 38.2% | 1.3541 |
| Daily Fibonacci 61.8% | 1.3557 |
| Daily Pivot Point S1 | 1.3512 |
| Daily Pivot Point S2 | 1.3482 |
| Daily Pivot Point S3 | 1.3447 |
| Daily Pivot Point R1 | 1.3577 |
| Daily Pivot Point R2 | 1.3612 |
| Daily Pivot Point R3 | 1.3642 |
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