The USDCAD currency pair, currently trading at 1.31912, remains in a strong position after recovering from its lowest point in nine months. According to the perspective of @nehcap, there is potential for the pair to continue to rise.
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- USD/CAD stays on the front foot after bouncing off the lowest levels in nine months.
The pair currently trades last at 1.31912.
The previous day high was 1.3183 while the previous day low was 1.3136. The daily 38.2% Fib levels comes at 1.3154, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3165, expected to provide support.
USD/CAD grinds higher around 1.3200 after positing the biggest daily gains, as well as bouncing off the Year-to-Date (YTD) low, amid early Wednesday morning in Asia.
In doing so, the Loonie pair cheers the market’s optimism, as well as downbeat US Oil price ahead of and Federal Reserve Chairman Jerome Powell’s speech at the ECB Forum in Sintra.
It’s worth noting that the oversold RSI (14) line joined the impending bull cross on the MACD indicator to trigger the USD/CAD pair’s rebound from the lowest levels in nine months.
However, the 10-DMA and the 61.8% Fibonacci retracement of August-October 2022 upside, around 1.3200 by the press time, restricts the short-term rebound of the Loonie pair.
Also acting as a short-term upside hurdle is the three-week-old falling resistance line, close to 1.3240 at the latest.
Above all, the USD/CAD pair’s rebound appears elusive unless crossing the previous support line from November 2022, close to 1.3345 at the latest.
Alternatively, tops marked during early June-July of 2022, around 1.3080-75, act as immediate support to watch during the quote’s pullback move, a break of which will challenge the 1.3000 psychological magnet.
Trend: Further upside expected
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3194 at the time of writing. Pair opened at 1.3154 and is trading with a change of 0.30% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3194 |
| 1 | Today Daily Change | 0.0040 |
| 2 | Today Daily Change % | 0.30% |
| 3 | Today daily open | 1.3154 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.3325, 50 SMA 1.3441, 100 SMA @ 1.3502 and 200 SMA @ 1.3519.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3325 |
| 1 | Daily SMA50 | 1.3441 |
| 2 | Daily SMA100 | 1.3502 |
| 3 | Daily SMA200 | 1.3519 |
The previous day high was 1.3183 while the previous day low was 1.3136. The daily 38.2% Fib levels comes at 1.3154, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3165, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.3133, 1.3111, 1.3085
- Pivot resistance is noted at 1.318, 1.3205, 1.3227
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3183 |
| Previous Daily Low | 1.3136 |
| Previous Weekly High | 1.3270 |
| Previous Weekly Low | 1.3139 |
| Previous Monthly High | 1.3655 |
| Previous Monthly Low | 1.3315 |
| Daily Fibonacci 38.2% | 1.3154 |
| Daily Fibonacci 61.8% | 1.3165 |
| Daily Pivot Point S1 | 1.3133 |
| Daily Pivot Point S2 | 1.3111 |
| Daily Pivot Point S3 | 1.3085 |
| Daily Pivot Point R1 | 1.3180 |
| Daily Pivot Point R2 | 1.3205 |
| Daily Pivot Point R3 | 1.3227 |
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