USD/CAD technical analysis: Greenback losing steam against the Canadian Dollar, trading sub-1.3230 resistance

USD/CAD is reversing most of its intraday gains as 1.3270 resistance halted the bullish advance.
The levels to beat for bears are the 1.3200 support followed by the 1.3170 and 1.3140 support levels.

Flavio Tosti Independent Analyst

USD/CAD daily chart

USD/CAD is holding above the 1.3200 level and the 50-day simple moving averages (DSMA) suggesting a correction up.

USD/CAD 4-hour chart

USD/CAD is trading above its main SMAs, suggesting a bullish bias in the medium term. This Friday, bulls had a hard time to overcome the 1.3270 resistance. The market is now consolidating below 1.3230 resistance. A break above 1.3270 is needed if bulls intend to reach 1.3300, 1.3320 and 1.3345 on the way up, according to the Technical Confluences Indicator.

USD/CAD 30-minute chart

USD/CAD is reversing most of its daily gains as the market is now trading below the 1.3230 resistance. A break below 1.3200 would be seen as reasonably bearish in the near term as it could open the doors to further losses towards the 1.3170 and 1.3140 levels, according to the Technical Confluences Indicator.

Additional key levels

USD/CAD

Overview
Today last price	1.3218
Today Daily Change	0.0006
Today Daily Change %	0.05
Today daily open	1.3212

Trends
Daily SMA20	1.3111
Daily SMA50	1.3223
Daily SMA100	1.3312
Daily SMA200	1.3306

Levels
Previous Daily High	1.3248
Previous Daily Low	1.3182
Previous Weekly High	1.32
Previous Weekly Low	1.3041
Previous Monthly High	1.3215
Previous Monthly Low	1.3016
Daily Fibonacci 38.2%	1.3223
Daily Fibonacci 61.8%	1.3207
Daily Pivot Point S1	1.318
Daily Pivot Point S2	1.3147
Daily Pivot Point S3	1.3113
Daily Pivot Point R1	1.3247
Daily Pivot Point R2	1.3281
Daily Pivot Point R3	1.3314

Author

Flavio Tosti

Independent Analyst

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