USD/CAD Price Analysis: Further Upside Hinges On 1.3450 Breakout
USD/CAD renews intraday high around 1.3440 during the second daily run-up early Monday.
In doing so, the Loonie pair buyers attack a convergence of the 21-Day Moving Average (DMA) and a downward-sloping from November 10, around 1.3440 by the press time.
It should be noted that the pair’s successful trading above the 100-DMA and steady RSI joins the impending bull cross on the MACD to keep the USD/CAD buyers hopeful of crossing the 1.3440 hurdle.
Following that, the 38.2% Fibonacci retracement of the pair’s August-October upside, near 1.3500, will challenge the USD/CAD bulls before directing them to the six-week-old resistance line around 1.3610.
On the flip side, a two-week-old ascending support line near 1.3320 could restrict the immediate downside of the USD/CAD pair before the 100-DMA support of 1.3275.
In a case where the Loonie pair remains weak past 1.3275, the 61.8% Fibonacci retracement level of 1.3207, quickly followed by the 1.3200 round figure, could act as the last defense of the USD/CAD buyers, a break of which will make the pair vulnerable to plunging towards 1.3000 psychological magnet.
Overall, USD/CAD is likely to portray further upside but the 1.3610 is a crucial resistance to watch for the pair traders.
USD/CAD: Daily chart
Trend: Limited recovery expected
ADDITIONAL IMPORTANT LEVELS
OVERVIEW | |
---|---|
Today last price | 1.343 |
Today Daily Change | 0.0060 |
Today Daily Change % | 0.45% |
Today daily open | 1.337 |
TRENDS | |
---|---|
Daily SMA20 | 1.3438 |
Daily SMA50 | 1.3569 |
Daily SMA100 | 1.3271 |
Daily SMA200 | 1.3011 |
LEVELS | |
---|---|
Previous Daily High | 1.3398 |
Previous Daily Low | 1.3317 |
Previous Weekly High | 1.3495 |
Previous Weekly Low | 1.3316 |
Previous Monthly High | 1.3978 |
Previous Monthly Low | 1.3496 |
Daily Fibonacci 38.2% | 1.3367 |
Daily Fibonacci 61.8% | 1.3348 |
Daily Pivot Point S1 | 1.3325 |
Daily Pivot Point S2 | 1.328 |
Daily Pivot Point S3 | 1.3244 |
Daily Pivot Point R1 | 1.3406 |
Daily Pivot Point R2 | 1.3443 |
Daily Pivot Point R3 | 1.3488 |
More By This Author:
WTI Extends Losses Below $80.00 On Buoyant US Dollar, China’s Covid WoesTesla Stock News: TSLA Advances 2% As Market Dismisses 80,000 Unit China Recall
Silver Price Forecast: XAG/USD Retraces After Hitting A New Week High Around $21.60s
Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...
more