- Repeated failures to clear 1.3500 portray the pair’s weakness.
- The three-week-old support-line limits immediate declines.
Having witnessed another failure to successfully clear 1.3500, USD/CAD is taking the rounds near 1.3450 during early Friday.
While 1.3500 seems challenging short-term buyers, an upward sloping trend-line since April 17 is acting as important downside support for sellers.
Given the prices dip beneath 1.3445/40 support-line, 50% Fibonacci retracement of its late-April upside near 1.3400 can quickly appear on the chart while current month bottom near 1.3375 may please bears then after.
If at all there prevails additional selling pressure past-1.3375, a horizontal-line connecting low since mid-April, at 1.3335, may grab the spotlight.
On the contrary, 1.3480 can question the pair’s pullback ahead of 1.3500.
However, pair’s sustained break of 1.3500 might not refrain from challenging late-April highs near 1.3520 and four-month long ascending resistance-line at 1.3545.
USD/CAD 4-Hour chart
Trend: Pullback expected
Additional important levels
|Today last price||1.3452|
|Today Daily Change||-24 pips|
|Today Daily Change %||-0.18%|
|Today daily open||1.3476|
|Previous Daily High||1.3506|
|Previous Daily Low||1.3459|
|Previous Weekly High||1.3491|
|Previous Weekly Low||1.3376|
|Previous Monthly High||1.3522|
|Previous Monthly Low||1.3274|
|Daily Fibonacci 38.2%||1.3477|
|Daily Fibonacci 61.8%||1.3488|
|Daily Pivot Point S1||1.3455|
|Daily Pivot Point S2||1.3434|
|Daily Pivot Point S3||1.3408|
|Daily Pivot Point R1||1.3502|
|Daily Pivot Point R2||1.3527|
|Daily Pivot Point R3||1.3548|