USD/CAD Price Analysis: Holds Position Above 1.3750 Amid Resurging Bullish Sentiment
USD/CAD trades around 1.3780 during the early European hours on Wednesday, hovering within an ascending channel on the daily chart. The 14-day Relative Strength Index (RSI) also positioned above 50, indicating a resurgence of bullish sentiment.
Additionally, the Moving Average Convergence Divergence (MACD) line is above the centerline, suggesting bullish momentum, although it remains below the signal line. Traders might seek confirmation from the MACD, a lagging indicator, to validate the trend direction.
The USD/CAD pair could encounter resistance around the psychological level of 1.3800. If it surpasses this level, it may revisit its five-month high of 1.3846, followed by the upper boundary of the ascending channel near 1.3899, the highest level not seen since November.
Conversely, on the downside, the USD/CAD pair could navigate the region around the psychological level of 1.3700, followed by the 23.6% Fibonacci retracement level of 1.3688, which is drawn between the levels of 1.3178 and 1.3846. A break below this level could lead the pair to test the lower boundary of the channel around the 1.3640 level.
USD/CAD: Daily Chart
(Click on image to enlarge)
USD/CAD
| OVERVIEW | |
|---|---|
| Today last price | 1.3776 |
| Today Daily Change | -0.0002 |
| Today Daily Change % | -0.01 |
| Today daily open | 1.3778 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1.3685 |
| Daily SMA50 | 1.3595 |
| Daily SMA100 | 1.3502 |
| Daily SMA200 | 1.3547 |
| LEVELS | |
|---|---|
| Previous Daily High | 1.3785 |
| Previous Daily Low | 1.3657 |
| Previous Weekly High | 1.3753 |
| Previous Weekly Low | 1.3635 |
| Previous Monthly High | 1.3846 |
| Previous Monthly Low | 1.3478 |
| Daily Fibonacci 38.2% | 1.3736 |
| Daily Fibonacci 61.8% | 1.3706 |
| Daily Pivot Point S1 | 1.3695 |
| Daily Pivot Point S2 | 1.3612 |
| Daily Pivot Point S3 | 1.3568 |
| Daily Pivot Point R1 | 1.3823 |
| Daily Pivot Point R2 | 1.3868 |
| Daily Pivot Point R3 | 1.395 |
More By This Author:
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NZD/USD Remains Firmer Around 0.5950 Due To Improved Risk Appetite
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