The USDCAD currency pair at a rate of 1.33420 has received increased buying interest to continue its recovery from a low point that occurred four and a half months ago. However, according to the viewpoint of @nehcap, a correction is anticipated.
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- USD/CAD picks up bids to extend the previous day’s rebound from 4.5-month low.
The pair currently trades last at 1.33420.
The previous day high was 1.3353 while the previous day low was 1.3272. The daily 38.2% Fib levels comes at 1.3322, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3303, expected to provide support.
USD/CAD renews its intraday high near 1.3340 as it extends post-Fed recovery from the multi-day low early Thursday.
In doing so, the Loonie pair stretches the previous day’s bound from the lower line of a descending trend channel established on June 05. Adding strength to the run-up are the mostly upbeat MACD signals and near 50.0 levels of the RSI (14) line.
It’s worth noting, however, that the stated bullish channel’s top line, around 1.3350 by the press time, challenges the USD/CAD pair’s further advances.
Following that, the 50-SMA and a two-month-old previous support line, respectively near 1.3365 and 1.3390, closely followed by the 1.3400 round figure, will act as final defenses of the USD/CAD bears.
Alternatively, the 1.3300 round figure acts as immediate support for the USD/CAD pair ahead of the aforementioned descending trend channel’s bottom line, close to 1.3265 at the latest.
It should be noted that the yearly low of around 1.3260 offers an additional downside filter ahead of directing the USD/CAD bears to the November 2022 low of near 1.3225.
Trend: Pullback expected
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.334 at the time of writing. Pair opened at 1.3324 and is trading with a change of 0.12% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.334 |
| 1 | Today Daily Change | 0.0016 |
| 2 | Today Daily Change % | 0.12% |
| 3 | Today daily open | 1.3324 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.3472, 50 SMA 1.3481, 100 SMA @ 1.3514 and 200 SMA @ 1.3517.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3472 |
| 1 | Daily SMA50 | 1.3481 |
| 2 | Daily SMA100 | 1.3514 |
| 3 | Daily SMA200 | 1.3517 |
The previous day high was 1.3353 while the previous day low was 1.3272. The daily 38.2% Fib levels comes at 1.3322, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3303, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.328, 1.3236, 1.3199
- Pivot resistance is noted at 1.3361, 1.3397, 1.3442
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3353 |
| Previous Daily Low | 1.3272 |
| Previous Weekly High | 1.3462 |
| Previous Weekly Low | 1.3313 |
| Previous Monthly High | 1.3655 |
| Previous Monthly Low | 1.3315 |
| Daily Fibonacci 38.2% | 1.3322 |
| Daily Fibonacci 61.8% | 1.3303 |
| Daily Pivot Point S1 | 1.3280 |
| Daily Pivot Point S2 | 1.3236 |
| Daily Pivot Point S3 | 1.3199 |
| Daily Pivot Point R1 | 1.3361 |
| Daily Pivot Point R2 | 1.3397 |
| Daily Pivot Point R3 | 1.3442 |
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