USD/CAD Price Analysis: Rises To Near 1.3750 Nearing Lower Boundary Of Rising Channel
USD/CAD breaks its three-day losing streak, trading around 1.3730 during the European session on Thursday. Analysis of the daily chart suggests a weakening bullish bias for the USD/CAD pair, as it has broken below the rising channel pattern. However, the 14-day Relative Strength Index (RSI) is still positioned slightly above the 50 level. Further movement may give a clear directional indication.
Additionally, the momentum indicator Moving Average Convergence Divergence (MACD) suggests a bullish trend for the pair as the MACD line is positioned above the centerline, it shows divergence above the signal line.
The USD/CAD pair may test the lower boundary of the rising channel around the level of 1.3760, followed by the key barrier at the psychological level of 1.3800. A return to the rising channel could reinforce the bullish bias and support the pair to explore the region April’s high of 1.3846.
A break above the latter could lead the USD/CAD pair to approach the upper threshold of the rising channel around the level of 1.3870.
On the downside, the USD/CAD pair could find immediate support at the psychological level of 1.3700, aligned with the 21-day Exponential Moving Average (EMA) of 1.3697 level. A break below this level could exert pressure on the pair to navigate the region of the throwback support at 1.3590.
USD/CAD: Daily Chart
(Click on image to enlarge)
USD/CAD
| OVERVIEW | |
|---|---|
| Today last price | 1.3732 |
| Today Daily Change | 0.0008 |
| Today Daily Change % | 0.06 |
| Today daily open | 1.3724 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1.3679 |
| Daily SMA50 | 1.3685 |
| Daily SMA100 | 1.3598 |
| Daily SMA200 | 1.358 |
| LEVELS | |
|---|---|
| Previous Daily High | 1.3761 |
| Previous Daily Low | 1.368 |
| Previous Weekly High | 1.3768 |
| Previous Weekly Low | 1.3603 |
| Previous Monthly High | 1.3783 |
| Previous Monthly Low | 1.359 |
| Daily Fibonacci 38.2% | 1.3711 |
| Daily Fibonacci 61.8% | 1.373 |
| Daily Pivot Point S1 | 1.3682 |
| Daily Pivot Point S2 | 1.3641 |
| Daily Pivot Point S3 | 1.3601 |
| Daily Pivot Point R1 | 1.3763 |
| Daily Pivot Point R2 | 1.3802 |
| Daily Pivot Point R3 | 1.3844 |
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