USD/CAD Price Analysis: Off 21-SMA to aim for 1.2700
|- USD/CAD picks up bids to refresh intraday high, trims previous day’s losses.
- Firmer RSI, sustained trading beyond previous resistance keeps buyers hopeful.
USD/CAD bulls retake controls, refreshing intraday high to 1.2691 amid early Wednesday. The Loonie pair snapped a three-day uptrend on Tuesday before recently bouncing off 21-SMA.
The rebound gains support from a sturdy RSI line and a successful break of an ascending resistance line from June 21, now support, to keep buyers hopeful.
Hence, the 1.2700 threshold becomes imminent to arrive on the chart before directing intraday bulls to a short-term horizontal hurdle around 1.2730.
However, a clear break of 1.2730 will enable the USD/CAD bulls to refresh the monthly high beyond 1.2800.
Alternatively, a downside break of the 21-SMA level of 1.2675 will be probed by the stated support line near 1.2655 and the early-month top surrounding 1.2590.
In a case where USD/CAD bears keep reins below 1.2590, the 100-SMA level of 1.2493 will be on their radars.
USD/CAD: Four-hour chart
Trend: Bullish
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