USD/CAD Price Analysis: Bulls attack weekly resistance line around 1.2650

USD/CAD extends bounce off six-week-old horizontal support.
Upbeat RSI conditions pushes bulls towards 200-bar SMA.
February’s multi-month low will lure the bears below the key support.

Anil Panchal FXStreet

USD/CAD picks up bids around 1.2657, up 0.10% intraday, during Thursday’s Asian session. In doing so, the quote battles a downward sloping trend line from Monday while stretching bounce off a horizontal support area established since January 21.

Given the absence of overbought RSI conditions, coupled with the sustained recovery from key support, USD/CAD is up for extending the latest run-up beyond the immediate 1.2660 hurdle.

Following that, the USD/CAD bulls will again try to cross the 200-bar SMA, at 1.2702 now, while eyeing the 1.2760-65 resistance area.

Alternatively, a pullback from the current levels needs to provide a decisive break below the stated support-zone near 1.2610-2600 to recall the USD/CAD sellers.

It should, however, be noted that the quote’s weakness past-1.2600 will not hesitate to challenge the multi-month low marked in February, around 1.2470.

USD/CAD four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.2656
Today Daily Change	35 pips
Today Daily Change %	0.28%
Today daily open	1.2621

Trends
Daily SMA20	1.2678
Daily SMA50	1.2721
Daily SMA100	1.2871
Daily SMA200	1.3124

Levels
Previous Daily High	1.2698
Previous Daily Low	1.26
Previous Weekly High	1.273
Previous Weekly Low	1.2468
Previous Monthly High	1.287
Previous Monthly Low	1.2468
Daily Fibonacci 38.2%	1.2638
Daily Fibonacci 61.8%	1.2661
Daily Pivot Point S1	1.2582
Daily Pivot Point S2	1.2542
Daily Pivot Point S3	1.2484
Daily Pivot Point R1	1.268
Daily Pivot Point R2	1.2738
Daily Pivot Point R3	1.2777

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.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.