USD/CAD Price Analysis: All eyes on last week’s “double tops” above 1.3400
|- USD/CAD bounces off a confluence of 21 and 50-HMA.
- Bulls can probe late July month’s low on the upside break of the “double tops”.
- Sellers will witness multiple support lines below the SMA confluence.
USD/CAD takes the bids near 1.3400, up 0.07% on a day, during Monday’s Asian session. The loonie pair recently took a U-turn from 21 and 50-HMA confluence, which in turn takes clues from MACD to challenge the previous week’s highs marked on Thursday and Friday.
Considering the strength of the bullish momentum, not to forget strong downside supports, the quote is likely to break 1.3418/20 resistance and aim for July 30 top near 1.3460.
However, USD/CAD upside past-1.3460 will be questioned by the June 23 low of 1.3485 and the 1.3500 threshold.
On the contrary, a downside break of the aforementioned HMAs near 1.3380/85 will take a rest on the upward sloping trend line from September 22, at 1.3350 now.
In a case where USD/CAD prices slip below 1.3350, another support line from September 18, currently around 1.3310, will be the key.
USD/CAD hourly chart
Trend: Bullish
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