USD/CAD Price Analysis: Consolidates around 1.3650 within a horizontal channel
07.06.2024, 08:01

USD/CAD Price Analysis: Consolidates around 1.3650 within a horizontal channel

  • USD/CAD move sideways within a horizontal channel pattern.
  • The technical indicator MACD suggests an emergence of a bullish bias.
  • The psychological level of 1.3700 appears as the key resistance level.

USD/CAD retraces its recent losses, trading around 1.3670 during the early European hours on Friday. Analysis of the daily chart suggests a sideways direction for the USD/CAD pair, as it remains within a horizontal channel pattern.

However, the momentum indicator 14-day Relative Strength Index (RSI) is positioned at the 50 level, and further movement may indicate a clear direction.

Additionally, the Moving Average Convergence Divergence (MACD) indicator suggests an emergence of the bullish bias for the USD/CAD pair. While the MACD line is positioned above the centerline, it shows divergence above the signal line.

On the upside, the USD/CAD pair could find the key barrier at the psychological level of 1.3700. A breakthrough above this level could provide support for the pair to test the upper boundary of the horizontal channel around the level of 1.3720, followed by the pullback resistance at 1.3740.

A surpassing of the latter could lead the USD/CAD pair to explore the region around the key level of 1.3800, followed by April’s high of 1.3846.

On the downside, the USD/CAD pair could find key support around the lower threshold of the horizontal channel around the psychological level of 1.3600, aligned with the throwback support at 1.3590.

USD/CAD: Daily Chart

USD/CAD

Overview
Today last price 1.3672
Today Daily Change 0.0001
Today Daily Change % 0.01
Today daily open 1.3671
 
Trends
Daily SMA20 1.3658
Daily SMA50 1.3669
Daily SMA100 1.3587
Daily SMA200 1.3577
 
Levels
Previous Daily High 1.371
Previous Daily Low 1.3664
Previous Weekly High 1.3735
Previous Weekly Low 1.3615
Previous Monthly High 1.3783
Previous Monthly Low 1.359
Daily Fibonacci 38.2% 1.3682
Daily Fibonacci 61.8% 1.3693
Daily Pivot Point S1 1.3653
Daily Pivot Point S2 1.3636
Daily Pivot Point S3 1.3608
Daily Pivot Point R1 1.3699
Daily Pivot Point R2 1.3727
Daily Pivot Point R3 1.3745

 

 

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