There is some interest in buying the USDCAD currency pair at a rate of 1.33043, causing it to rise slightly to 1.3305. This represents a gain of 0.19% for the day.
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- USD/CAD attracts some dip-buying and edges higher to 1.3305, gaining 0.19% for the day.
The pair currently trades last at 1.33043.
The previous day high was 1.33 while the previous day low was 1.3184. The daily 38.2% Fib levels comes at 1.3256, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3229, expected to provide support.
The USD/CAD pair gains momentum and surges above the 1.3300 barrier heading into the early European session on Wednesday. The major pair is on track for its sixth weekly close above 1.3200.
Fitch downgraded the US government’s credit rating from AAA to AA+, but expectations for an additional 25 basis point (bps) rate hike by the Federal Reserve (Fed) support the US Dollar (USD) and help USD/CAD attract some dip-buying on Wednesday. However, an increase in oil prices would benefit the Canadian Dollar, since Canada is the largest oil exporter to the United States. Market players await the US ADP employment data later in the American session.
According to the four-hour chart, any meaningful follow-through buying above the 1.3300 area will see a rally to the next barrier at 1.3350 (High of June 15). Following that, the July 7 high of 1.3385 will be the next hurdle, followed by 1.3450 (High of June 6).
Looking at the downside, any extended weakness below 1.3285 (the midline of the Bollinger Band) will challenge the next downside filter at 1.3265 (the lower limit of the Bollinger Band) en route to 1.3235 (100-hour EMA) and 1.3220 (the 200-hour EMA). A decisive break below the latter would drive the pair towards 1.3200 (a psychological round mark).
However, the further upside appears favorable as the Relative Strength Index (RSI) stands above 50, activating the bullish momentum for the USD/CAD pair for the time being.
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3305 at the time of writing. Pair opened at 1.3282 and is trading with a change of 0.17 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3305 |
| 1 | Today Daily Change | 0.0023 |
| 2 | Today Daily Change % | 0.1700 |
| 3 | Today daily open | 1.3282 |
The pair is trading above its 20 Daily moving average @ 1.3218, above its 50 Daily moving average @ 1.3295 , below its 100 Daily moving average @ 1.3414 and below its 200 Daily moving average @ 1.3459
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3218 |
| 1 | Daily SMA50 | 1.3295 |
| 2 | Daily SMA100 | 1.3414 |
| 3 | Daily SMA200 | 1.3459 |
The previous day high was 1.33 while the previous day low was 1.3184. The daily 38.2% Fib levels comes at 1.3256, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3229, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.321, 1.314, 1.3095
- Pivot resistance is noted at 1.3326, 1.3371, 1.3442
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3300 |
| Previous Daily Low | 1.3184 |
| Previous Weekly High | 1.3255 |
| Previous Weekly Low | 1.3147 |
| Previous Monthly High | 1.3387 |
| Previous Monthly Low | 1.3093 |
| Daily Fibonacci 38.2% | 1.3256 |
| Daily Fibonacci 61.8% | 1.3229 |
| Daily Pivot Point S1 | 1.3210 |
| Daily Pivot Point S2 | 1.3140 |
| Daily Pivot Point S3 | 1.3095 |
| Daily Pivot Point R1 | 1.3326 |
| Daily Pivot Point R2 | 1.3371 |
| Daily Pivot Point R3 | 1.3442 |
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