USD/CAD Price Analysis: Hovers above 1.3750, barrier at upper boundary of the channel
10.06.2024, 08:23

USD/CAD Price Analysis: Hovers above 1.3750, barrier at upper boundary of the channel

  • USD/CAD could test the upper boundary of the rising channel around the level of 1.3775.
  • The momentum indicator 14-day RSI suggests an emergence of a bullish bias.
  • A break below the 21-day EMA could lead the pair to test the lower threshold of the rising channel around the level of 1.3640.

USD/CAD holds its position around 1.3760 during the early European session on Monday following the recent gains recorded in the previous trading day. Analysis of the daily chart suggests an emergence of a bullish bias for the USD/CAD pair, as it moves within the rising channel pattern.

Moreover, the momentum indicator 14-day Relative Strength Index (RSI) is positioned above the 50 level. The Moving Average Convergence Divergence (MACD) indicator suggests a confirmation of the bullish bias for the pair as the MACD line is positioned above the centerline, it shows divergence above the signal line.

The USD/CAD pair tests the upper boundary of the rising channel around the level of 1.3775, followed by the key barrier at the psychological level of 1.3800. A breakthrough above the latter level could provide support for the pair to explore the region April’s high of 1.3846.

On the downside, the USD/CAD pair could find key support around the 21-day Exponential Moving Average (EMA) of 1.3684 level. A break below this level could exert pressure on the pair to navigate the region around the lower threshold of the rising channel around the level of 1.3640, followed by the throwback support at 1.3590.

USD/CAD: Daily Chart

USD/CAD

Overview
Today last price 1.3769
Today Daily Change 0.0003
Today Daily Change % 0.02
Today daily open 1.3766
 
Trends
Daily SMA20 1.3663
Daily SMA50 1.3673
Daily SMA100 1.359
Daily SMA200 1.3578
 
Levels
Previous Daily High 1.3768
Previous Daily Low 1.3663
Previous Weekly High 1.3768
Previous Weekly Low 1.3603
Previous Monthly High 1.3783
Previous Monthly Low 1.359
Daily Fibonacci 38.2% 1.3728
Daily Fibonacci 61.8% 1.3703
Daily Pivot Point S1 1.3697
Daily Pivot Point S2 1.3628
Daily Pivot Point S3 1.3592
Daily Pivot Point R1 1.3801
Daily Pivot Point R2 1.3837
Daily Pivot Point R3 1.3906

 

 

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