USD/CAD Price Analysis: Better bid, chipping away at falling trendline
|- USD/CAD challenges a four-week-long falling trendline hurdle.
- Bulls need a break above the Oct.15 high of 1.3260.
The Canadian dollar is losing ground alongside the losses in oil and pushing USD/CAD higher.
The currency pair is currently trading near 1.3155, which is the resistance of the trendline connecting Sept. 30 and Oct.15 highs. However, a move above the diagonal resistance line may not be enough to entice stronger chart-driven buying. That's because several key resistance levels are lined above the trendline hurdle.
For instance, the 50-day moving average (MA) is located at 1.3195, and a lower high is seen at 1.3260 (Oct. 15 high). A daily close above the lower high is needed to confirm a bullish reversal. Alternatively, the Oct.21 low of 1.3081 is the level to beat for the sellers.
Daily chart
Trend: Neutral
Technical levels
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