USD/CAD Price Analysis: Bulls battle 10-DMA above nearby key hurdles

USD/CAD wavers inside a choppy range after crossing crucial previous supports.
Momentum recovery joins the trend line breakout to keep buyers hopeful.
Fresh selling may wait for a clear break below 1.2000 threshold.

Anil Panchal FXStreet

USD/CAD eases from the immediate trading range’s resistance line, around 1.2165, during the early Friday. The Loonie pair crossed two key ex-support lines, from late January and April respectively, the previous day.

Given the daily closing beyond the key hurdles, now supports, taking clues from Momentum uptick, USD/CAD bulls are likely to overcome the adjacent Simple Moving Average (DMA), around 1.2180.

The DMA break is likely to extend the recovery moves towards 1.2270 and the monthly top near 1.2350 before highlighting March’s low of 1.2365 as the key resistance.

Alternatively, 1.2140 and 1.2100 can test the pair’s fresh downside. However, USD/CAD bears are less likely to be convinced unless witnessing a clear break below the 1.2000 round-figure as multiple levels can entertain sellers around 1.2065 and 1.2050.

Overall, USD/CAD is up for a corrective pullback but the bearish trend remains intact.

USD/CAD daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	1.2164
Today Daily Change	1 pip
Today Daily Change %	0.01%
Today daily open	1.2163

Trends
Daily SMA20	1.2323
Daily SMA50	1.2462
Daily SMA100	1.2588
Daily SMA200	1.285

Levels
Previous Daily High	1.2203
Previous Daily Low	1.2104
Previous Weekly High	1.2352
Previous Weekly Low	1.2122
Previous Monthly High	1.2654
Previous Monthly Low	1.2266
Daily Fibonacci 38.2%	1.2165
Daily Fibonacci 61.8%	1.2142
Daily Pivot Point S1	1.211
Daily Pivot Point S2	1.2058
Daily Pivot Point S3	1.2011
Daily Pivot Point R1	1.2209
Daily Pivot Point R2	1.2256
Daily Pivot Point R3	1.2308

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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