• Sat. Jul 20th, 2024

USD/CAD Price Analysis: Loses momentum below 1.3480, eyes on Canadian Retail Sales, US PMI


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  • USD/CAD loses traction around 1.3460 on Friday.
  • The pair holds below the 50- and 100-hour EMAs; Relative Strength Index (RSI) stands in bearish territory below 50.
  • The first resistance level is seen at 1.3480; 1.3455 acts as an initial support level.

The USD/CAD pair snaps its two-day winning streak and edges lower to 1.3460 during the Asian session on Friday. A rebound in oil prices underpins the commodity-linked Loonie as the country is the leading oil exporter to the United States. Market players await the monthly Canadian Retail Sales for July and the US S&P Global/CIPS PMI data due later on Friday’s North American session.

According to the one-hour chart, USD/CAD holds below the 50- and 100-hour Exponential Moving Averages (EMAs), which supports the sellers for the time being. Meanwhile, the Relative Strength Index (RSI) stands below 50, activating the bearish momentum for the USD/CAD pair.

The immediate resistance level for the pair is seen near the 100-hour EMA at 1.3480. The additional upside filter to watch is near the confluence of the the upper boundary of the Bollinger Band and a high of September 21 at the 1.3515-1.3525 region. Any follow-through buying above the latter will pave the way to a high of September 13 at 1.3586, followed by a psychological round figure at 1.3600.

On the flip side, a break below the lower limit of Bollinger Band of 1.3455 will see a drop to a key contention at 1.3400. The mentioned level represents a psychological figure and a low of August 11. Further south, the next downside stop will emerge at 1.3380 (a low of September 19).

USD/CAD one-hour chart



Today last price 1.3463
Today Daily Change -0.0021
Today Daily Change % -0.16
Today daily open 1.3484
Daily SMA20 1.3558
Daily SMA50 1.3436
Daily SMA100 1.3398
Daily SMA200 1.3463
Previous Daily High 1.3524
Previous Daily Low 1.3453
Previous Weekly High 1.3639
Previous Weekly Low 1.3493
Previous Monthly High 1.364
Previous Monthly Low 1.3184
Daily Fibonacci 38.2% 1.3497
Daily Fibonacci 61.8% 1.348
Daily Pivot Point S1 1.345
Daily Pivot Point S2 1.3416
Daily Pivot Point S3 1.3379
Daily Pivot Point R1 1.352
Daily Pivot Point R2 1.3558
Daily Pivot Point R3 1.3591
On Key

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