USD/CAD Price Analysis: Hovers above 1.3650 major level on surging US Dollar

USD/CAD moves above 1.3650 due to the upbeat US Dollar.
Technical indicators suggest a bullish momentum in the price movement.
The nine-day EMA emerges as immediate support, followed by the 23.6% Fibonacci retracement.

Akhtar Faruqui FXStreet

USD/CAD snaps the two-day losing streak, trading higher around 1.3670 aligned with the 1.3700 psychological level during the early European session on Monday. The pair is receiving upward support due to a recovery in the US Dollar (USD).

A firm break above the latter could open the doors for the USD/CAD pair to explore an area near the major level at 1.3750 lined up with the previous week’s high at 1.3785, following the 1.3800 psychological level.

However, the USD/CAD pair faced downward pressure due to surging oil prices, which could be attributed to the Palestine-Israel military conflict.

The deteriorating geopolitical tensions could impact the Canadian Dollar (CAD), especially since Canada is the largest oil exporter to the United States (US).

On the downside, the psychological level at 1.3650 could act as an immediate barrier lined up with the nine-day Exponential Moving Average (EMA) at 1.3643, followed by the 23.6% Fibonacci retracement at 1.3622 level.

The Moving Average Convergence Divergence (MACD) indicator is indicating stronger momentum in the price movement as it lies above the centerline and the signal line. This configuration suggests an upward trend in the market.

However, the prevailing upward momentum in the USD/CAD pair indicates a bullish bias, as the 14-day Relative Strength Index (RSI) remains above the 50 level.

USD/CAD: Daily Chart

USD/CAD: important levels to watch

Overview
Today last price	1.3671
Today Daily Change	0.0009
Today Daily Change %	0.07
Today daily open	1.3662

Trends
Daily SMA20	1.3555
Daily SMA50	1.3522
Daily SMA100	1.3414
Daily SMA200	1.3462

Levels
Previous Daily High	1.3746
Previous Daily Low	1.3644
Previous Weekly High	1.3786
Previous Weekly Low	1.3562
Previous Monthly High	1.3694
Previous Monthly Low	1.3379
Daily Fibonacci 38.2%	1.3683
Daily Fibonacci 61.8%	1.3707
Daily Pivot Point S1	1.3622
Daily Pivot Point S2	1.3582
Daily Pivot Point S3	1.3519
Daily Pivot Point R1	1.3724
Daily Pivot Point R2	1.3786
Daily Pivot Point R3	1.3826

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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