USD/CAD Price Analysis: Advances towards 1.2400 inside weekly triangle

USD/CAD picks up bids to refresh intraday top.
One-week-old symmetrical triangle restricts immediate moves above 200-HMA.
Firmer Momentum line keeps buyers hopeful, key Fibonacci retracement levels add to the downside filters.

Anil Panchal FXStreet

USD/CAD remains firmer around the day’s top of 1.2385, up 0.11% intraday ahead of the European session. That said, the quote remains inside a four-day-old symmetrical triangle by the press time of Tuesday.

It’s worth noting that the Loonie pair’s successful trading above 200-HMA and firmer Momentum line adds strength to the bullish bias.

However, a clear upside break of the triangle’s resistance line, near 1.2395, becomes necessary for the USD/CAD optimists to aim for the latest swing high near 1.2430.

In a case where the pair buyers remain dominant past 1.2430, September’s low near 1.2490 will be in focus.

Alternatively, 200-HMA tests immediate downside near 1.2365 before the triangle’s support line near 1.2360.

If at all the USD/CAD bears manage to conquer the 1.2360 support, odds of the following plunge towards October’s low, also the lowest since June 2021 around 1.2285, gains the market’s attention.

USD/CAD: Hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.2383
Today Daily Change	0.0014
Today Daily Change %	0.11%
Today daily open	1.2369

Trends
Daily SMA20	1.2417
Daily SMA50	1.2562
Daily SMA100	1.253
Daily SMA200	1.2488

Levels
Previous Daily High	1.2403
Previous Daily Low	1.2352
Previous Weekly High	1.2432
Previous Weekly Low	1.23
Previous Monthly High	1.2739
Previous Monthly Low	1.2288
Daily Fibonacci 38.2%	1.2372
Daily Fibonacci 61.8%	1.2384
Daily Pivot Point S1	1.2346
Daily Pivot Point S2	1.2323
Daily Pivot Point S3	1.2295
Daily Pivot Point R1	1.2397
Daily Pivot Point R2	1.2426
Daily Pivot Point R3	1.2448

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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