OctaFX | OctaFX Forex Broker
Open trading account

USD/CAD Technical Analysis: Struggles to build on Friday’s bullish breakout amid overbought conditions

   •  On Friday, the pair confirmed a bullish breakthrough a two-month-old ascending trend-channel formation and climbed to the 1.3600 handle, or 19-month tops.

   •  Technical indicators on the daily chart point to near-term overbought conditions and seemed to be the only factor keeping a lid on any further up-move. 

USD/CAD daily chart

   •  However, any profit-taking slide might attract some dip-buying near 100-hour SMA and should limit the downside near a short-term ascending trend-line.

   •  Moreover, oscillators on the 1-hourly chart have also cooled off from overbought conditions and thus, support prospects for an extension of the positive move.


    Today Last Price: 1.3593
    Today Daily change: -6.0 pips
    Today Daily change %: -0.0441%
    Today Daily Open: 1.3599
    Previous Daily SMA20: 1.3364
    Previous Daily SMA50: 1.3227
    Previous Daily SMA100: 1.3121
    Previous Daily SMA200: 1.3043
    Previous Daily High: 1.3602
    Previous Daily Low: 1.3478
    Previous Weekly High: 1.3602
    Previous Weekly Low: 1.3372
    Previous Monthly High: 1.336
    Previous Monthly Low: 1.3048
    Previous Daily Fibonacci 38.2%: 1.3554
    Previous Daily Fibonacci 61.8%: 1.3525
    Previous Daily Pivot Point S1: 1.3517
    Previous Daily Pivot Point S2: 1.3436
    Previous Daily Pivot Point S3: 1.3394
    Previous Daily Pivot Point R1: 1.3641
    Previous Daily Pivot Point R2: 1.3683
    Previous Daily Pivot Point R3: 1.3764


Canada: Businesses still relatively upbeat – RBC CM

Nathan Janzen, senior economist at RBC Capital Markets, points out that Canadian businesses remained relatively upbeat in Q4 even after the recent fin
Read more Previous

USD/CNY to cross the 7.0 handle in 2019 - ING

Iris Pang, economist at ING, points out that there was no mention of the exchange rate in China’s recently concluded annual Central Economic Work Conf
Read more Next
Start livechat