USD/CAD technical analysis: Defends ascending trend-line support ahead of US CPI/Canadian jobs data

   •  The pair extended it’s sideways price action through the mid-European session on Friday and remained well within a broader trading range, held over the past one week or so.

   •  Any meaningful pullbacks have been limited and finding decent dip-buying interest near a 3-1/2 week old ascending trend-line, albeit lacked any strong follow-through.

Meanwhile, positive technical indicators remain supportive of an eventual bullish breakout, albeit bulls continued with their struggle to make it through/sustain above the key 1.3500 psychological mark.

Friday’s important releases of the US consumer inflation figures and Canadian monthly jobs data might provide the required momentum and assist the pair to finally break through its near-term trading range.

A convincing break through the mentioned handle might now lift the pair to surpass the recent swing highs resistance near the 1.3520-25 region towards reclaiming the 1.3600 round figure mark. 

Alternatively, sustained weakness below the said trend-line support would invalidate the constructive set-up and prompt some aggressive long-unwinding trade, dragging the pair back towards the 1.3385-80 horizontal support.

USD/CAD 1-hourly chart

USD/CAD technical analysis: Defends ascending trend-line support ahead of US CPI/Canadian jobs data

USD/CAD

Overview
Today last price1.3476
Today Daily Change0.0000
Today Daily Change %0.00
Today daily open1.3476
 
Trends
Daily SMA201.3421
Daily SMA501.3384
Daily SMA1001.3352
Daily SMA2001.3234
Levels
Previous Daily High1.3506
Previous Daily Low1.3459
Previous Weekly High1.3491
Previous Weekly Low1.3376
Previous Monthly High1.3522
Previous Monthly Low1.3274
Daily Fibonacci 38.2%1.3477
Daily Fibonacci 61.8%1.3488
Daily Pivot Point S11.3455
Daily Pivot Point S21.3434
Daily Pivot Point S31.3408
Daily Pivot Point R11.3502
Daily Pivot Point R21.3527
Daily Pivot Point R31.3548

 

 

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