USD/CAD Price Analysis: Stays afloat above 1.3500 despite high oil prices

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  • USD/CAD trades nearly flat at 1.3510 as the Asian session begins, despite the US Dollar gaining against most G10 currencies.
  • Falling US Treasury bond yields and a surge in oil prices support the Canadian Dollar.
  • From a technical standpoint, the pair remains neutral to upward biased but is on the brink of breaking its uptrend, putting the 200-DMA at 1.3461 in focus.

The Canadian Dollar (CAD) remains in charge against the US Dollar (USD) even though the latter appreciated against most G10 FX currencies across the board. However, falling US Treasury bond yields and a jump in oil prices benefitted the CAD. Hence, the USD/CAD is trading at 1.3510, almost flat as the Asian session commences.

USD/CAD Price Analysis: Technical outlook

From a daily chart perspective, the USD/CAD remains neutral to upward biased, as the pair is still above the latest higher low achieved on August 21 at 1.3496, but at the brisk of breaking an uptrend market structure, that would expose the 200-day Moving Average (DMA) at 1.3461. Nevertheless, sellers must achieve a daily close below 1.3496 to remain hopeful of achieving lower lows, as the 50-DMA slope is trending up.

From an intraday standpoint, the pair broke below the August 24 daily ow of 1.3509, putting in play the 1.3500 figure. But one of the latest three candlesticks of August 31 price action drawing a larger wick on the bottom of the body suggests buyers entering the market around the 1.3500 area. Nevertheless, the USD/CAD is downward biased. First support emerges at 1.350, followed by the S1 daily pivot at 1.3488. A breach of the latter will expose the S2 pivot point at 1.3469 before diving to 1.3450. On the flip side, the first resistance would be the daily pivot point at 1.3523, followed by the 50-hour Moving Average (HMA) at 1.3540, before reaching the R1 pivot.

USD/CAD Price Action – Hourly chart

USD/CAD

Overview
Today last price 1.3511
Today Daily Change -0.0021
Today Daily Change % -0.16
Today daily open 1.3532
 
Trends
Daily SMA20 1.3495
Daily SMA50 1.3331
Daily SMA100 1.3392
Daily SMA200 1.3462
 
Levels
Previous Daily High 1.3577
Previous Daily Low 1.3513
Previous Weekly High 1.364
Previous Weekly Low 1.3496
Previous Monthly High 1.3387
Previous Monthly Low 1.3093
Daily Fibonacci 38.2% 1.3537
Daily Fibonacci 61.8% 1.3553
Daily Pivot Point S1 1.3505
Daily Pivot Point S2 1.3477
Daily Pivot Point S3 1.3441
Daily Pivot Point R1 1.3569
Daily Pivot Point R2 1.3605
Daily Pivot Point R3 1.3632

 

 

 
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