USD/CAD Price Analysis: Rallies above the 1.3200 figure, threatening to clear the YTD high – by christianborjon USDCAD Currencies Majors Technical Analysis
If USD/CAD buyers hold the fort above 1.3200, it could open the door for further gains, as they eye 1.3300.conquers the 1.3200 figure for the third time during the year, reaching a fresh weekly high, but shy of the YTD high reached on July 14 at 1.3227. The USD/CAD is trading at 1.3222, above its opening price by 0.39% at the time of writing.The USD/CAD continued extending its gains throughout the week. After Tuesday’s gains of 1.
Near term, the USD/CAD four-hour chart shows the major testing of the 1.3200 figure for the third time in the month, poised to print a fresh YTD high above 1.3220. If buyers clear the 1.3227 YTD high, a move towards 1.3300 is likely to happen, but firstly it would need to overcome some hurdles on its way up.
The USD/CAD first resistance would be the YTD high at 1.3227. The break above will expose the R2 pivot point at 1-3237, followed by the R3 daily pivot at 1.3268, ahead of the 1.3300 figure. On the flip side, the USD/CAD failure to hold above 1.3200 could pave the way for further downside. Therefore, the USD/CAD first support would be the daily pivot at 1.3172. Once it’s cleared, it would expose support levels, like the S1 daily pivot at 1.3134, followed by the 20-EMA at 1.3117, ahead of the S2 pivot at 1.3104.
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