The USDCAD currency pair experienced a decline in momentum at the 1.3460 level on Friday.
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- USD/CAD loses traction around 1.3460 on Friday.
The pair currently trades last at 1.34636.
The previous day high was 1.3524 while the previous day low was 1.3453. The daily 38.2% Fib levels comes at 1.3497, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.348, expected to provide resistance.
The USD/CAD pair snaps its two-day winning streak and edges lower to 1.3460 during the Asian session on Friday. A rebound in oil prices underpins the commodity-linked Loonie as the country is the leading oil exporter to the United States. Market players await the monthly Canadian Retail Sales for July and the US S&P Global/CIPS PMI data due later on Friday’s North American session.
According to the one-hour chart, USD/CAD holds below the 50- and 100-hour Exponential Moving Averages (EMAs), which supports the sellers for the time being. Meanwhile, the Relative Strength Index (RSI) stands below 50, activating the bearish momentum for the USD/CAD pair.
The immediate resistance level for the pair is seen near the 100-hour EMA at 1.3480. The additional upside filter to watch is near the confluence of the the upper boundary of the Bollinger Band and a high of September 21 at the 1.3515-1.3525 region. Any follow-through buying above the latter will pave the way to a high of September 13 at 1.3586, followed by a psychological round figure at 1.3600.
On the flip side, a break below the lower limit of Bollinger Band of 1.3455 will see a drop to a key contention at 1.3400. The mentioned level represents a psychological figure and a low of August 11. Further south, the next downside stop will emerge at 1.3380 (a low of September 19).
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3463 at the time of writing. Pair opened at 1.3484 and is trading with a change of -0.16 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3463 |
| 1 | Today Daily Change | -0.0021 |
| 2 | Today Daily Change % | -0.1600 |
| 3 | Today daily open | 1.3484 |
The pair is trading below its 20 Daily moving average @ 1.3558, above its 50 Daily moving average @ 1.3436 , above its 100 Daily moving average @ 1.3398 and below its 200 Daily moving average @ 1.3463
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3558 |
| 1 | Daily SMA50 | 1.3436 |
| 2 | Daily SMA100 | 1.3398 |
| 3 | Daily SMA200 | 1.3463 |
The previous day high was 1.3524 while the previous day low was 1.3453. The daily 38.2% Fib levels comes at 1.3497, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.348, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.345, 1.3416, 1.3379
- Pivot resistance is noted at 1.352, 1.3558, 1.3591
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3524 |
| Previous Daily Low | 1.3453 |
| Previous Weekly High | 1.3639 |
| Previous Weekly Low | 1.3493 |
| Previous Monthly High | 1.3640 |
| Previous Monthly Low | 1.3184 |
| Daily Fibonacci 38.2% | 1.3497 |
| Daily Fibonacci 61.8% | 1.3480 |
| Daily Pivot Point S1 | 1.3450 |
| Daily Pivot Point S2 | 1.3416 |
| Daily Pivot Point S3 | 1.3379 |
| Daily Pivot Point R1 | 1.3520 |
| Daily Pivot Point R2 | 1.3558 |
| Daily Pivot Point R3 | 1.3591 |
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