USD/CAD Price Analysis: Bulls cross 100-SMA with eyes on 1.3500

USD/CAD takes the bids to renew one-week high on crossing short-term key hurdles, now immediate supports.
100-SMA, one-month-old descending trend line restrict immediate downside amid bullish MACD signals.
Overbought RSI conditions suggest pullback from the 1.3500 round figure.
200-SMA acts as additional upside filters, bears need validation from 1.3320.

Anil Panchal FXStreet

USD/CAD marches towards the 1.3500 threshold after crossing the short-term key resistances, around 1.3470 during Thursday’s Asian session.

In doing so, the Loonie pair cheers upside break of the one-month-old descending trend line, as well as the 100-SMA, respectively near 1.3465 and 1.3390.

It should be noted that the bullish MACD signals join the resistance breaks to keep USD/CAD buyers hopeful. However, the overbought RSI (14) restricts the quote’s further upside.

As a result, the USD/CAD bulls appear to have a limited upside room, which in turn highlights the 1.3500 round figure as an immediate hurdle ahead of the April 10 swing high of around 1.3555.

Following that, the 200-SMA hurdle of around 1.3595 and the 1.3600 round figure act as the final defense of the USD/CAD bears.

Meanwhile, a downside break of the 1.3390 resistance-turned-support isn’t an open welcome to the USD/CAD bears as an upward-sloping support line from February, close to 1.3320, becomes crucial to conquer for the Loonie pair sellers to retake control.

To sum up, USD/CAD remains on the bull’s radar but the road toward the north is long and bumpy.

USD/CAD: Four-hour chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	1.347
Today Daily Change	0.0080
Today Daily Change %	0.60%
Today daily open	1.339

Trends
Daily SMA20	1.3515
Daily SMA50	1.3562
Daily SMA100	1.3528
Daily SMA200	1.3405

Levels
Previous Daily High	1.34
Previous Daily Low	1.336
Previous Weekly High	1.3554
Previous Weekly Low	1.3301
Previous Monthly High	1.3862
Previous Monthly Low	1.3508
Daily Fibonacci 38.2%	1.3375
Daily Fibonacci 61.8%	1.3384
Daily Pivot Point S1	1.3367
Daily Pivot Point S2	1.3343
Daily Pivot Point S3	1.3327
Daily Pivot Point R1	1.3406
Daily Pivot Point R2	1.3423
Daily Pivot Point R3	1.3446

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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