USD/CAD Price Analysis: Bulls attempt to push above 1.2650

USD/CAD struggles in keeping head up above 1.2650 on Tuesday.
Additional gains for pair if price manages to hold 20-day SMA in intraday session.
Momentum oscillator indicates flat price movement.

Rekha Chauhan Independent Analyst

USD/CAD trades with a cautious tone on Tuesday in the early European trading hours. The pair hovers in less than 20-pip movement signaling sluggish price momentum.

At the time of writing, USD/CAD is trading at 1.2650, up 0.01% for the day.

USD/CAD daily chart

Technically speaking, the USD/CAD pair finds it difficult to break 1.2650 on the daily chart. USD/CAD came under selling pressure after making a high of 1.2949 almost a month before on August 20.

The descending trendline from the mentioned level act as a resistance barrier for the USD/CAD bulls.

If price is sustained above the 20-day Simple Moving Average (SMA), it could test the 1.2700 horizontal resistance level.

A successful break of the bearish sloping line would confirm the continuation of the fresh upside momentum in the pair and the immediate target would appear at the 1.2750 horizontal resistance level.

Next, USD/CAD bulls would attempt to recapture the high made on August 23 at 1.2833.

Alternatively, if price reverses the direction, it could fall back to the 1.2600 horizontal support level.

Furthermore, the Moving Average Convergence (MACD) indicator trades above midline with a neutral stance. Any downtick in the MACD would trigger a fresh round of selling seeking the next target at the 1.2550 horizontal support level.

USD/CAD bears look for the low made on July 30 at 1.2422.

USD/CAD additional levels

USD/CAD

Overview
Today last price	1.2649
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.2649

Trends
Daily SMA20	1.2644
Daily SMA50	1.2581
Daily SMA100	1.239
Daily SMA200	1.2526

Levels
Previous Daily High	1.2695
Previous Daily Low	1.2638
Previous Weekly High	1.2762
Previous Weekly Low	1.2518
Previous Monthly High	1.2949
Previous Monthly Low	1.2453
Daily Fibonacci 38.2%	1.266
Daily Fibonacci 61.8%	1.2674
Daily Pivot Point S1	1.2626
Daily Pivot Point S2	1.2603
Daily Pivot Point S3	1.2569
Daily Pivot Point R1	1.2683
Daily Pivot Point R2	1.2718
Daily Pivot Point R3	1.2741

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.