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USD/CAD Price Analysis: Still pointing to the downside despite rising to 1.3165

  • Loonie hits daily lows versus the dollar but remains under control.
  • USD/CAD holds a bearish bias despite rising for two consecutive days.

The USD/CAD is rising for the second day in a row but is still trading sharply lower compared to the level it had a week ago and still the bias points to the downside.

The decline from levels near 1.3440 found support so far at the 1.3100 area. A break lower would likely trigger more losses. The next key support stands at 1.3030 that protects the 1.3000 area. The 1.30 is not only a round number but also a long term support.

On the upside, if the dollar manages to break and hold above 1.3150, it could alleviate the bearish pressure. The next resistance is seen at 1.3200/05, followed by 1.3265, a horizontal level and the 20-day moving average.

On a wider perspective, the negative bias will persist as long as USD/CAD trades below the downtrend from May at 1.3350.

USD/CAD daily chart

usdcad

USD/CAD

Overview
Today last price1.3159
Today Daily Change0.0020
Today Daily Change %0.15
Today daily open1.3139
 
Trends
Daily SMA201.3269
Daily SMA501.322
Daily SMA1001.3377
Daily SMA2001.3537
 
Levels
Previous Daily High1.3147
Previous Daily Low1.3099
Previous Weekly High1.3341
Previous Weekly Low1.311
Previous Monthly High1.3421
Previous Monthly Low1.2994
Daily Fibonacci 38.2%1.3129
Daily Fibonacci 61.8%1.3118
Daily Pivot Point S11.311
Daily Pivot Point S21.3081
Daily Pivot Point S31.3062
Daily Pivot Point R11.3158
Daily Pivot Point R21.3176
Daily Pivot Point R31.3206

Author

Matías Salord

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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