The pair once again showed some resilience at lower levels and managed to recover the early lost ground to the 1.3200 mark, rather has turned positive for the third consecutive session.
The mentioned support marks a descending trend-line resistance break-point and also coincides with 100-day SMA and should now act as a key pivotal point for the pair’s near-term trajectory.
Technical indicators on the daily chart point to a slight positive bias but are yet to gain any meaningful traction on hourly charts and warrant caution before placing any aggressive bullish bets.
Hence, it would prudent to wait for a strong follow-through buying before traders start positioning for a move beyond the 1.3370 immediate resistance towards reclaiming the 1.3400 round figure mark.
USD/CAD daily chart
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USD/CAD
Overview:
Today Last Price: 1.3343
Today Daily change %: 0.05%
Today Daily Open: 1.3336
Trends:
Daily SMA20: 1.3282
Daily SMA50: 1.3262
Daily SMA100: 1.3302
Daily SMA200: 1.3187
Levels:
Previous Daily High: 1.3374
Previous Daily Low: 1.3289
Previous Weekly High: 1.344
Previous Weekly Low: 1.3287
Previous Monthly High: 1.3341
Previous Monthly Low: 1.3069
Daily Fibonacci 38.2%: 1.3341
Daily Fibonacci 61.8%: 1.3322
Daily Pivot Point S1: 1.3292
Daily Pivot Point S2: 1.3249
Daily Pivot Point S3: 1.3208
Daily Pivot Point R1: 1.3376
Daily Pivot Point R2: 1.3417
Daily Pivot Point R3: 1.346
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