USD/CAD Price Analysis: Bulls attempt to push above 1.2650
|- USD/CAD struggles in keeping head up above 1.2650 on Tuesday.
- Additional gains for pair if price manages to hold 20-day SMA in intraday session.
- Momentum oscillator indicates flat price movement.
USD/CAD trades with a cautious tone on Tuesday in the early European trading hours. The pair hovers in less than 20-pip movement signaling sluggish price momentum.
At the time of writing, USD/CAD is trading at 1.2650, up 0.01% for the day.
USD/CAD daily chart
Technically speaking, the USD/CAD pair finds it difficult to break 1.2650 on the daily chart. USD/CAD came under selling pressure after making a high of 1.2949 almost a month before on August 20.
The descending trendline from the mentioned level act as a resistance barrier for the USD/CAD bulls.
If price is sustained above the 20-day Simple Moving Average (SMA), it could test the 1.2700 horizontal resistance level.
A successful break of the bearish sloping line would confirm the continuation of the fresh upside momentum in the pair and the immediate target would appear at the 1.2750 horizontal resistance level.
Next, USD/CAD bulls would attempt to recapture the high made on August 23 at 1.2833.
Alternatively, if price reverses the direction, it could fall back to the 1.2600 horizontal support level.
Furthermore, the Moving Average Convergence (MACD) indicator trades above midline with a neutral stance. Any downtick in the MACD would trigger a fresh round of selling seeking the next target at the 1.2550 horizontal support level.
USD/CAD bears look for the low made on July 30 at 1.2422.
USD/CAD additional levels
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