USD/CAD Technical Analysis: Intraday positive move fails near ascending trend-line resistance
• The pair's sharp intraday bounce from 100-hour SMA failed near an ascending trend-line resistance, extending from the European trading session last Thursday.
• Technical indicators on the 1-hourly chart have started losing positive momentum but retained their bullish stance on 4-hourly/daily charts, supporting prospects for additional gains.
• However, it would be prudent to wait for a convincing breakthrough the mentioned trend-line resistance before positioning for any further near-term appreciating move.
• Having said that, a sustained weakness below 100-hour SMA will negate the constructive outlook and prompt some fresh technical selling, dragging the pair back towards sub-1.3200 level.
USD/CAD 1-hourly chart
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USD/CAD
Overview:
Today Last Price: 1.3244
Today Daily change: -12 pips
Today Daily change %: -0.0905%
Today Daily Open: 1.3256
Trends:
Previous Daily SMA20: 1.3182
Previous Daily SMA50: 1.3067
Previous Daily SMA100: 1.3073
Previous Daily SMA200: 1.2986
Levels:
Previous Daily High: 1.3258
Previous Daily Low: 1.3187
Previous Weekly High: 1.332
Previous Weekly Low: 1.3142
Previous Monthly High: 1.3172
Previous Monthly Low: 1.2783
Previous Daily Fibonacci 38.2%: 1.3231
Previous Daily Fibonacci 61.8%: 1.3214
Previous Daily Pivot Point S1: 1.321
Previous Daily Pivot Point S2: 1.3163
Previous Daily Pivot Point S3: 1.3139
Previous Daily Pivot Point R1: 1.328
Previous Daily Pivot Point R2: 1.3304
Previous Daily Pivot Point R3: 1.3351