USD/CAD Price Analysis: Set-up remains in favour of bullish traders

Posted 04 February, 2020

The USD / CAD pair struggled to support the recent positive move beyond the round value of 1.3300 and was a modest day off after two-month highs.

Given recent short-term channel growth and subsequent movement beyond the very important 200-day SMA, the setup is still favorable for bull traders.

Nevertheless, the slightly outlined conditions on the daily chart seemed to be the only factor limiting the next positive step amid well-resumed oil prices.

Therefore, it would be prudent to wait for short-term consolidation or potential resistance to the aforementioned trend channel before entering new bullish positions.

Unable to protect the aforementioned merger - currently close to 1.3230 - now expects even greater acceleration to 100 days of SMA support near the 1.3180 zone.

 

 

USD/CAD daily chart

 

USD/CAD

OVERVIEW
Today last price 1.3281
Today Daily Change -0.0017
Today Daily Change % -0.13
Today daily open

1.3298

 

 

LEVELS
Previous Daily High 1.3305
Previous Daily Low 1.3232
Previous Weekly High 1.3255
Previous Weekly Low 1.3148
Previous Monthly High 1.3255
Previous Monthly Low 1.29
Daily Fibonacci 38.2% 1.3277
Daily Fibonacci 61.8% 1.326
Daily Pivot Point S1 1.3252
Daily Pivot Point S2 1.3205
Daily Pivot Point S3 1.3179
Daily Pivot Point R1 1.3325
Daily Pivot Point R2 1.3351
Daily Pivot Point R3 1.3398

 

 

TRENDS
Daily SMA20 1.3113
Daily SMA50 1.314
Daily SMA100 1.3178
Daily SMA200 1.3227

Previous forecast

20 February, 2020 14:46

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24 January, 2020 16:31

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