- 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.
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
|Today last price||1.2383|
|Today Daily Change||0.0014|
|Today Daily Change %||0.11%|
|Today daily open||1.2369|
|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|
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