USD/CAD Price Analysis: Treads Water Near 1.3600 Backed By A Barrier At 23.6% Fibonacci
USD/CAD gains ground for the second consecutive session, maintaining its position near the 1.3600 psychological level during the European session on Thursday. A decisive breakthrough above the latter could open the doors for the USD/CAD pair to explore the barrier around 23.6% Fibonacci retracement at 1.3623 aligned with the seven-day Exponential Moving Average (EMA) at 1.3626.
The improved US Dollar (USD) could inspire the bulls of the USD/CAD pair to approach the major level at 1.3650, followed by the weekly high at 1.3661 if it breaks above the mentioned resistance.
However, the technical indicators for the USD/CAD pair support the current downward trend. The Moving Average Convergence Divergence (MACD) line is below the centerline and shows the divergence below the signal line, indicating a bearish momentum in the USD/CAD pair.
Furthermore, the 14-day Relative Strength Index (RSI) below 50 indicates a dovish sentiment, indicating that the USD/CAD pair could meet the support around the major level at 1.3550 before the weekly low at 1.3541.
If the USD/CAD pair convincingly falls below this level, it might prompt bearish momentum, potentially guiding the pair toward the psychological support zone near 1.3500.
USD/CAD: Daily Chart
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USD/CAD: MORE TECHNICAL LEVELS
| OVERVIEW | |
|---|---|
| Today last price | 1.3601 |
| Today Daily Change | 0.0007 |
| Today Daily Change % | 0.05 |
| Today daily open | 1.3594 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1.3707 |
| Daily SMA50 | 1.3683 |
| Daily SMA100 | 1.3556 |
| Daily SMA200 | 1.3518 |
| LEVELS | |
|---|---|
| Previous Daily High | 1.3615 |
| Previous Daily Low | 1.3541 |
| Previous Weekly High | 1.3766 |
| Previous Weekly Low | 1.3594 |
| Previous Monthly High | 1.3892 |
| Previous Monthly Low | 1.3562 |
| Daily Fibonacci 38.2% | 1.3587 |
| Daily Fibonacci 61.8% | 1.3569 |
| Daily Pivot Point S1 | 1.3552 |
| Daily Pivot Point S2 | 1.351 |
| Daily Pivot Point S3 | 1.3478 |
| Daily Pivot Point R1 | 1.3626 |
| Daily Pivot Point R2 | 1.3657 |
| Daily Pivot Point R3 | 1.37 |
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