USD/CAD Technical Analysis: Better bid after falling wedge breakout
The USD/CAD pair is gaining altitude, now trading at a seven-day high of 1.3238, having confirmed a falling wedge breakout with a close at 1.3213 yesterday.
Daily chart
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The falling wedge breakout seen in the above chart represents a bearish-to-bullish trend change. As a result, the immediate resistance of the 50-day moving average (MA), currently at 1.3273 could be put to the test, albeit after a minor pullback, as the short duration charts are reporting overbought conditions.
Hourly chart
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The relative strength index (RSI) is held in overbought territory above 70.00. As a result, the spot may fall back to the support at 1.3210 before extending the rally towards 1.3273, as suggested by the daily chart.
Trend: bullish
USD/CAD
Overview:
Today Last Price: 1.3238
Today Daily change: 0.0034 pips
Today Daily change %: 0.26%
Today Daily Open: 1.3204
Trends:
Daily SMA20: 1.324
Daily SMA50: 1.3367
Daily SMA100: 1.3223
Daily SMA200: 1.3133
Levels:
Previous Daily High: 1.321
Previous Daily Low: 1.3124
Previous Weekly High: 1.3287
Previous Weekly Low: 1.3069
Previous Monthly High: 1.3664
Previous Monthly Low: 1.3118
Daily Fibonacci 38.2%: 1.3177
Daily Fibonacci 61.8%: 1.3157
Daily Pivot Point S1: 1.3149
Daily Pivot Point S2: 1.3094
Daily Pivot Point S3: 1.3064
Daily Pivot Point R1: 1.3234
Daily Pivot Point R2: 1.3264
Daily Pivot Point R3: 1.3319