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.

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