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USD/CAD Technical Analysis: bulls in control

USD/CAD could continue to gain altitude in the near future on the back of a bullish technical setup and hawkish Fed hike.

4-hour chart                                        

  • Both pennant breakout and the ascending 50, 100, and 200 moving averages (MAs) indicate the bulls are in control. The RSI, however, is closing on overbought levels. As a result, the bullish momentum may wane or a pullback could be in the offing before further upside unfolds.
  • Notably, the Fed left the markets behind the curve by forecasting two rate hikes in 2019. The American dollar, therefore, is likely to remain bid, while heading into the year's end.
  • So, the USD/CAD pair could soon find acceptance above 1.35 and rise toward the Dec. 2016 high of 1.3598.
  • The bullish pressure would weaken if the pair closes below the ascending 10-day MA, currently at 1.3404.

Trend: Bullish


    Today Last Price: 1.3494
    Today Daily change: -1.0 pips
    Today Daily change %: -0.00741%
    Today Daily Open: 1.3495
    Previous Daily SMA20: 1.333
    Previous Daily SMA50: 1.3206
    Previous Daily SMA100: 1.3111
    Previous Daily SMA200: 1.3037
    Previous Daily High: 1.3508
    Previous Daily Low: 1.3415
    Previous Weekly High: 1.3424
    Previous Weekly Low: 1.3292
    Previous Monthly High: 1.336
    Previous Monthly Low: 1.3048
    Previous Daily Fibonacci 38.2%: 1.3472
    Previous Daily Fibonacci 61.8%: 1.3451
    Previous Daily Pivot Point S1: 1.3438
    Previous Daily Pivot Point S2: 1.338
    Previous Daily Pivot Point S3: 1.3345
    Previous Daily Pivot Point R1: 1.353
    Previous Daily Pivot Point R2: 1.3565
    Previous Daily Pivot Point R3: 1.3622


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