USD/CAD Price Analysis: Bulls cheer 21-day EMA break near nine-day high
|- USD/CAD extends gains after multiple days of trading below 21-day EMA.
- 50-day EMA, 50% Fibonacci retracement on the bulls' radar.
- 1.3030 can return to the chart during the pullback.
USD/CAD takes the bids near 1.3085, the highest in two weeks, during the pre-European session on Wednesday. In doing so, the pair holds on to gains after successfully breaking the 21-day EMA on a daily closing basis the previous day.
The buyers are now aiming the 50-day EMA level of 1.3116 as the immediate resistance ahead of 50% Fibonacci retracement of the pair’s declines from September 2019 to January 01 low, near 1.3145.
In a case where the bulls remain dominant post-1.3145, the 1.3180/85 zone has multiple upside barriers, ahead of the 61.8% of Fibonacci retracement near 1.3200.
On the flip side, sellers will look for entry below the 21-day EMA level of 1.3070 while targeting the 1.3030 support level.
During the quote’s further downside below 1.3030, 1.3000 and 1.2960 can entertain the bears.
USD/CAD daily chart
Trend: Bullish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.