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USD/CAD technical analysis: The pair is testing the psychological 1.32 resistance again

Written by By Rajan Dhall, MSTA | 2019-11-08 09:52:57 GMT
  • USD/CAD tests 1.32 again as more USD strength kicks in this morning.
  • Oil has also met some resistance and is trading 0.80% lower adding to the negative sentiment for CAD.

 

USD/CAD is pushing higher in early EU trade and is now looking to take on the 1.32 resistance level.

The pair is already trading 0.18% higher and has been mixed of late.

The reason for the uncertain sentiment is that the positive trade war sentiment is good for oil. This, therefore, pushes CAD higher but the USD has been rising too off the back of the improved risk environment. 

This morning as oil takes a break from its recent rally it seems its the dollars turn to push. In general terms, the greenback is performing well against most of its major counterparts.

USD/CAD Daily Chart

Looking at the chart now, if the resistance level breaks then the price could make a run-up to the trendline. 

I am sure we are going to hear more on the US-China trade front this afternoon so keep an eye on the headlines.

The RSI has also moved into a positive zone above the 50 mid-line and this could indicate a move higher is in the offering.

If the level on the chart manages to fend off a move higher then the price may start to consolidate.

On the 4-hour chart the price has made a higher low and only if the current resistance is taken out will it make a higher high wave so it seems we are at a pivotal moment.

USDCAD analysis

Additional Levels

USD/CAD

Overview
Today last price 1.3196
Today Daily Change 0.0018
Today Daily Change %  0.14
Today daily open 1.3178
 
Trends
Daily SMA20 1.3138
Daily SMA50 1.3213
Daily SMA100 1.3196
Daily SMA200 1.3275
 
Levels
Previous Daily High 1.32
Previous Daily Low 1.316
Previous Weekly High 1.3209
Previous Weekly Low 1.3042
Previous Monthly High 1.3349
Previous Monthly Low 1.3042
Daily Fibonacci 38.2% 1.3175
Daily Fibonacci 61.8% 1.3184
Daily Pivot Point S1 1.3158
Daily Pivot Point S2 1.3139
Daily Pivot Point S3 1.3118
Daily Pivot Point R1 1.3198
Daily Pivot Point R2 1.3219
Daily Pivot Point R3 1.3238

 

 

 

Author

By Rajan Dhall, MSTA
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