USD/CAD Price Analysis: Bulls attack 50-DMA to renew three-week top above 1.2700
|- USD/CAD refreshes multi-day top after crossing five-week-old resistance line.
- Bullish MACD signals further upside beyond 50-DMA, sellers need validation from 200-DMA.
USD/CAD pierces 1.2700, up 0.30% around 1.2715 to refresh a three-week top during early Thursday in Europe.
In doing so, the Loonie pair justifies the previous day’s upside break of a descending trend line from December 20, as well as the bullish MACD signals.
However, the 50-DMA level of 1.2715 restricts the quote’s immediate advances.
In addition to the 1.2715 resistance, 1.2780 and the 1.2800 levels may also challenge USD/CAD bulls before directing them to the two-month-old horizontal resistance near 1.2850.
Alternatively, pullback moves remain elusive beyond the previous resistance line, near 1.2640 by the press time.
Following that, 50% and 61.8% Fibonacci retracement level of October-December upside, respectively near 1.2630 and 1.2545, will challenge the USD/CAD bears.
Even if the USD/CAD prices drop below 1.2545 support, the 200-DMA around 1.2500 will act as the last hope for bulls.
USD/CAD: Daily chart
Trend: Further upside expected
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