USD/CAD Price Analysis: Dribbles inside weekly triangle around 1.3800

USD/CAD remains sidelined while snapping three-day uptrend inside an immediate symmetrical triangle.
Sustained trading beyond the key moving averages, steady RSI favor buyers.
Two-week-old resistance adds to the upside filters on the way to early 2020 levels.

Anil Panchal FXStreet

USD/CAD treads water around 1.3800 while staying inside a four-day-old symmetrical triangle during Thursday’s Asian session. Even so, firmer RSI and the Loonie pair’s ability to stay beyond the key moving averages keep the buyers hopeful.

That said, the aforementioned triangle restricts the nearby USD/CAD moves between 1.3825 and 1.3785.

Also acting as the short-term trading filters is the 100-HMA and an upward-sloping resistance line from September 28, respectively near 1.3770 and 1.3855.

Given the increased optimism about the USD/CAD pair’s upside momentum, coupled with the multiple failures to cross the stated trend line hurdle, a clear break of 1.3855 won’t hesitate to challenge the 1.4000 psychological magnet. In doing so, the quote will aim for the levels marked during May 2020.

Alternatively, a downside break of the 1.3770 HMA support won’t be a warm welcome for the sellers as the 200-HMA level of 1.3708 will act as the last defense for the USD/CAD buyers.

USD/CAD: Hourly chart

Trend: Sideways

Additional important levels

Overview
Today last price	1.3812
Today Daily Change	-0.0004
Today Daily Change %	-0.03%
Today daily open	1.3816

Trends
Daily SMA20	1.3593
Daily SMA50	1.3233
Daily SMA100	1.3046
Daily SMA200	1.287

Levels
Previous Daily High	1.3831
Previous Daily Low	1.376
Previous Weekly High	1.3827
Previous Weekly Low	1.3503
Previous Monthly High	1.3838
Previous Monthly Low	1.2954
Daily Fibonacci 38.2%	1.3804
Daily Fibonacci 61.8%	1.3787
Daily Pivot Point S1	1.3773
Daily Pivot Point S2	1.3731
Daily Pivot Point S3	1.3703
Daily Pivot Point R1	1.3844
Daily Pivot Point R2	1.3873
Daily Pivot Point R3	1.3915

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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