#USDCAD @ 1.36051 prints the first daily gain in four, mildly bid of late., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• USD/CAD prints the first daily gain in four, mildly bid of late.
• Bullish candlestick formation, upbeat MACD signals keep buyers hopeful.
• Sustained break of four-month-old previous resistance line strengthens the bullish bias.

The pair currently trades last at 1.36051.

The previous day high was 1.3644 while the previous day low was 1.3555. The daily 38.2% Fib levels comes at 1.3589, expected to provide support. Similarly, the daily 61.8% fib level is at 1.361, expected to provide resistance.

USD/CAD prints mild gains around 1.3600 as bears take a breather after a three-day losing streak during early Monday morning in Asia.

In doing so, the Loonie pair justifies the previous day’s bullish Doji candlestick, as well as upbeat MACD signals, to back the pair’s rebound from the 10-DMA support. The Loonie pair’s further recovery, however, needs validation from the previous monthly high surrounding 1.3665 to convince USD/CAD buyers.

Even if the Loonie pair manages to stay beyond the 1.3665 hurdle, the late 2022 peak of 1.3705 appears the key as it holds the gate for the quote’s run-up towards the last November’s high surrounding 1.3810.

Should the USD/CAD pair remains firmer past 1.3810, the odds of its run-up to challenge the previous yearly high of 1.3977 can’t be ruled out.

On the flip side, the 10-DMA and previous resistance line from November 2022, respectively around 1.3590 and 1.3525 challenge the USD/CAD bears.

Following that, multiple support levels around 1.3480-70 and 1.3330 could restrict the pair’s further downside before highlighting the previous monthly low of 1.3262, as well as the last November’s trough surrounding 1.3225 for bears.

Overall, USD/CAD is likely to be firmer unless breaking the 1.3525 level, but the upside room appears limited.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDCAD currently trading at 1.3605 at the time of writing. Pair opened at 1.3593 and is trading with a change of 0.09% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.349, 50 SMA 1.3459, 100 SMA @ 1.3502 and 200 SMA @ 1.3284.

The previous day high was 1.3644 while the previous day low was 1.3555. The daily 38.2% Fib levels comes at 1.3589, expected to provide support. Similarly, the daily 61.8% fib level is at 1.361, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.3551, 1.3508, 1.3461
• Pivot resistance is noted at 1.364, 1.3687, 1.3729

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