USD/CAD Price Analysis: The dollar has sold off again against all the majors accept the major commodities currencies 01 Aug 2020, 03:19
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USD/CAD 4-hour chart
Commodities have been on a bearish path today as WTI trades 2.8% lower on Thursday. This has led CAD to underperform relative to its peers as almost all the other majors (excluding AUD) have recovered from USD strength earlier in the session. The USD has had a mixed reaction to the FOMC statement from last night and the accompanying press conference where Fed Chair Powell suggested data is showing that the recovery has stalled since June.
Looking closer at the chart, the price is heading toward the key resistance zone just under 1.35. There are some other resistance lines with the downward sloping blue trendline close by too. On the downside, the key support zone is at 1.3315. This is the low on the chart and if the downtrend continues this could be an important zone.
The indicators have now turned bullish again. The MACD histogram is back in the green and the signal lines are testing the mid-zone again. The Relative Strength Index is now above 50 but any move into an overbought territory could be bearish as a failure swing divergence could form.
Overall the market is still in a downtrend on the higher timeframes. If this is to be the reversal a higher low could be made on this timeframe (4-hr). For now, if the trend is to continue the red horizontal line at the bottom of the chart would need to be broken but the fact that this pair has held up whilst the other changed to a more familiar story doesn't bode well for CAD.
Additional levels
USD/CAD
OVERVIEW
Today last price
1.3442
Today Daily Change
0.0100
Today Daily Change %
0.75
Today daily open
1.3342
TRENDS
Daily SMA20
1.3507
Daily SMA50
1.3577
Daily SMA100
1.3831
Daily SMA200
1.3521
LEVELS
Previous Daily High
1.3387
Previous Daily Low
1.3333
Previous Weekly High
1.36
Previous Weekly Low
1.3352
Previous Monthly High
1.3802
Previous Monthly Low
1.3316
Daily Fibonacci 38.2%
1.3354
Daily Fibonacci 61.8%
1.3366
Daily Pivot Point S1
1.3321
Daily Pivot Point S2
1.33
Daily Pivot Point S3
1.3266
Daily Pivot Point R1
1.3375
Daily Pivot Point R2
1.3409
Daily Pivot Point R3
1.343
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