USD/CAD Price Analysis: Bounces off 200-SMA towards 1.2985 hurdle

USD/CAD remains firmer after refreshing three-week high the previous day.
RSI, MACD also favor recovery from 200-SMA, horizontal resistance line from July 19 tests bulls.
Weekly support line, 61.8% Fibonacci retracement level challenge bears.

Anil Panchal FXStreet

USD/CAD bull keep reins around 1.2950 as the quote extend the previous day’s bounce off 200-SMA to Monday’s Asian session.

The Loonie pair’s recent rebound also takes clues from the firmer RSI, not overbought, as well as the MACD signals, which in turn keep buyers hopeful.

However, tops marked on July 19 and also on Friday, around 1.2985, appear to challenge the USD/CAD bulls.

Following that, a horizontal area comprising multiple levels marked since June 17, near 1.3080, will be important to watch for further upside moves. Also, the 1.3000 psychological magnet may act as an intermediate halt during the anticipated north-run.

Meanwhile, pullback moves remain elusive beyond the 200-SMA level of 1.2920.

Even so, an upward sloping support line from August 01, close to 1.2845 by the press time, could challenge the USD/CAD bears.

It’s worth noting that the recent swing low around the 61.8% Fibonacci retracement of June 08 to July 14 upside, near 1.2790, appears the last defense of USD/CAD bulls.

USD/CAD: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.2937
Today Daily Change	0.0000
Today Daily Change %	0.00%
Today daily open	1.2937

Trends
Daily SMA20	1.2909
Daily SMA50	1.2864
Daily SMA100	1.2785
Daily SMA200	1.2736

Levels
Previous Daily High	1.2985
Previous Daily Low	1.2861
Previous Weekly High	1.2985
Previous Weekly Low	1.2768
Previous Monthly High	1.3224
Previous Monthly Low	1.2789
Daily Fibonacci 38.2%	1.2938
Daily Fibonacci 61.8%	1.2908
Daily Pivot Point S1	1.287
Daily Pivot Point S2	1.2803
Daily Pivot Point S3	1.2746
Daily Pivot Point R1	1.2994
Daily Pivot Point R2	1.3052
Daily Pivot Point R3	1.3119

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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