USD/CAD Price Analysis: 100-HMA defends bulls inside nearby trading range below 1.3000

USD/CAD grinds higher inside three-day-old trading range, stays above 100-HMA.
Bullish RSI divergence, sustained trading above key HMA keep buyers hopeful.
200-HMA holds the key for seller’s entry, yearly top adds to the upside filters.

Anil Panchal FXStreet

USD/CAD remains sidelined in a 110-pip trading range for the last three days, retreating to 1.2950 during early Friday morning in Europe.

However, the quote’s ability to stay beyond the 100-HMA joins the bullish RSI signals to underpin the hopes of further upside. That said, the higher low on the prices joins the higher low of the RSI to keep buyers hopeful.

The Loonie pair’s latest weakness again drags it towards the 100-HMA support, near 1.2910 by the press time, a break of which will can direct the bears to the stated trading range’s lower end, around 1.2860.

In a case where USD/CAD breaks the 1.2860 support, June 10 swing high near 1.2810 and the 200-HMA level surrounding 1.2765 will be crucial for bears to watch.

Meanwhile, 1.2975 and the 1.3000 psychological magnet guard short-term upside moves of the pair.

Also acting as the key hurdle is the previous monthly high of 1.3076, also the highest level since late 2020.

To sum up, USD/CAD is likely to extend the two-week uptrend but the road to the north is a bumpy one.

USD/CAD: Hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.2947
Today Daily Change	-0.0004
Today Daily Change %	-0.03%
Today daily open	1.2951

Trends
Daily SMA20	1.2735
Daily SMA50	1.2759
Daily SMA100	1.2715
Daily SMA200	1.2669

Levels
Previous Daily High	1.297
Previous Daily Low	1.2861
Previous Weekly High	1.2813
Previous Weekly Low	1.2518
Previous Monthly High	1.3077
Previous Monthly Low	1.2629
Daily Fibonacci 38.2%	1.2929
Daily Fibonacci 61.8%	1.2903
Daily Pivot Point S1	1.2885
Daily Pivot Point S2	1.2818
Daily Pivot Point S3	1.2775
Daily Pivot Point R1	1.2994
Daily Pivot Point R2	1.3037
Daily Pivot Point R3	1.3104

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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