USD/CAD Price Analysis: Improves To Near 1.3520 Following February’s High
USD/CAD moves higher for the second consecutive day, inching higher to near 1.3520 during the European session on Monday. The pair could meet the key barrier at the major level of 1.3550 following February’s high at 1.3586.
A break above the latter could exert upward support to lead the USD/CAD pair to explore the region around the psychological resistance level at 1.3600.
The technical analysis of the 14-day Relative Strength Index (RSI) is positioned above 50, suggesting bullish momentum for the USD/CAD pair.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator for the USD/CAD pair, a lagging indicator, indicates a subdued momentum in the market. This interpretation is based on the MACD line's position above the centerline but resting on the signal line. Traders might prefer to await a clearer directional signal from the MACD indicator before initiating any trading actions.
On the downside, the immediate support appears at the psychological level of 1.3500 followed by the 23.6% Fibonacci retracement level of 1.3489 and the 50-day Exponential Moving Average (EMA) at 1.3475.
The USD/CAD pair could further fall to the major level of 1.3450 before the 38.2% Fibonacci retracement level at 1.3430. A break of this level could put downward pressure on the pair to test the psychological support at the 1.3400 level.
USD/CAD: Daily Chart
USD/CAD
| OVERVIEW | |
|---|---|
| Today last price | 1.3524 |
| Today Daily Change | 0.0021 |
| Today Daily Change % | 0.16 |
| Today daily open | 1.3503 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1.3476 |
| Daily SMA50 | 1.3413 |
| Daily SMA100 | 1.3543 |
| Daily SMA200 | 1.3478 |
| LEVELS | |
|---|---|
| Previous Daily High | 1.3518 |
| Previous Daily Low | 1.3462 |
| Previous Weekly High | 1.3536 |
| Previous Weekly Low | 1.3441 |
| Previous Monthly High | 1.3542 |
| Previous Monthly Low | 1.3229 |
| Daily Fibonacci 38.2% | 1.3496 |
| Daily Fibonacci 61.8% | 1.3483 |
| Daily Pivot Point S1 | 1.347 |
| Daily Pivot Point S2 | 1.3438 |
| Daily Pivot Point S3 | 1.3414 |
| Daily Pivot Point R1 | 1.3526 |
| Daily Pivot Point R2 | 1.355 |
| Daily Pivot Point R3 | 1.3582 |
More By This Author:
EUR/USD Spun Tires Just North Of 1.0800 As Friday's Wrap-Up Went NowhereEUR/JPY Price Analysis: Closed The Week Higher Despite Daily Losses, Buyers Eyed 163.00
USD/JPY Price Analysis: Pulled Back From Weekly High As Buyers Eyed Further Gains
Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...
more
Comments
