- 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.
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
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
|Today last price||1.2649|
|Today Daily Change||0.0000|
|Today Daily Change %||0.00|
|Today daily open||1.2649|
|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|
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