USD/CAD Price Analysis: Looks set to revisit weekly resistance above 1.2400
|- USD/CAD remains sidelined after easing from short-term resistance line.
- MACD eases bullish bias but 50-EMA, ascending support line from June 10 restrict immediate downside.
USD/CAD bulls attack the 1.2400 threshold, up 0.05% intraday, as the European session begins on Thursday. It should, however, be noted that an off at the Canadian markets and weekly resistance line probe the pair buyers amid receding bullish bias of the MACD.
Even so, the quote’s sustained trading above 50-EMA and a three-week-old rising trend line favor the USD/CAD bulls. Hence, the further upside to the nearby resistance line, close to 1.2430, becomes imminent.
Though, the pair’s advances past 1.2430 will be questioned by the 1.2435 and June’s high near 1.2490 before challenging the 1.2500 round figure.
On the contrary, a downside break of the 1.2340 support confluence should recall the short-term bears targeting the 1.2300 mark and 1.2260 level comprising multiple lows since mid-June.
If at all the USD/CAD bears keep reins past 1.2260, early June’s top near 1.2130 should return to the chart.
USD/CAD four-hour chart
Trend: Bullish
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