USD/CAD Price Analysis: Loses Momentum Below 1.3460 Ahead Of US PCE Data
The USD/CAD pair attracts some sellers around 1.3458 during the early European session on Friday. The downtick of the pair is supported by a correction of the US Dollar (USD) and lower US Treasury yields. Meanwhile, the US Dollar Index (DXY) drops to 105.90 after retreating from 106.83, the highest since November.
From the technical perspective, USD/CAD holds below the 50- and 100-hour Exponential Moving Averages (EMAs) on the four-hour chart, which supports the sellers for the time being. Meanwhile, the Relative Strength Index (RSI) is located in the bearish territory below 50, which means the path of the least resistance of USD/CAD is to the downside.
The immediate resistance level for the pair is seen near the 50-hour EMA at 1.3495. The additional upside filter to watch is near the 100-hour EMA at 1.3510. Further north, the pair will see a rally to the upper boundary of the Bollinger Band of 1.3536. 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 downside, any decisive break below the lower limit of the Bollinger Band of 1.3465 will see a drop to the next contention at 1.3423 (a low of September 22). Further south, the next downside stop will emerge at 1.3380 (a low of September 19) en route to a low of August 4 at 1.3319.
USD/CAD four-hour chart
USD/CAD
| OVERVIEW | |
|---|---|
| Today last price | 1.3462 |
| Today Daily Change | -0.0025 |
| Today Daily Change % | -0.19 |
| Today daily open | 1.3487 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1.3541 |
| Daily SMA50 | 1.3466 |
| Daily SMA100 | 1.3403 |
| Daily SMA200 | 1.3459 |
| LEVELS | |
|---|---|
| Previous Daily High | 1.3516 |
| Previous Daily Low | 1.347 |
| Previous Weekly High | 1.3528 |
| Previous Weekly Low | 1.3379 |
| Previous Monthly High | 1.364 |
| Previous Monthly Low | 1.3184 |
| Daily Fibonacci 38.2% | 1.3488 |
| Daily Fibonacci 61.8% | 1.3499 |
| Daily Pivot Point S1 | 1.3466 |
| Daily Pivot Point S2 | 1.3445 |
| Daily Pivot Point S3 | 1.342 |
| Daily Pivot Point R1 | 1.3512 |
| Daily Pivot Point R2 | 1.3537 |
| Daily Pivot Point R3 | 1.3558 |
More By This Author:
Australian Dollar Extends Gains After Upbeat Private Sector CreditS&P 500 Recovers Back To $4,300 For Thursday, But September Still Sees Red
AUD/USD Climbs 1% On Thursday As DXY Recedes
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
Comments
