USD/CAD Price Analysis: Bulls battle three-month-old hurdle below 1.2300

USD/CAD edges higher around three-week top, keeps 50-day SMA breakout.
Descending trend line from March stops buyers on the way to May’s high.
Previous double tops add to the downside filters below nearby SMA.
Upbeat RSI, clear SMA break favor bulls, March’s low will the key resistance.

Anil Panchal FXStreet

USD/CAD buyers take a breather around 1.2275-80 amid early Thursday, after posting the heaviest jump in four months the previous day. In doing so, the Loonie pair bulls struggle to overcome the descending trend line resistance from March 16.

Even so, a clear break of 50-day SMA and strong RSI conditions signal the pair’s further upside towards the 1.2300 threshold.

In addition to the 1.2300 round-figure, the previous month’s top surrounding 1.2350 also acts as the near-term resistance. However, USD/CAD bulls are more likely to be challenged by late March 18 low near 1.2365 during any further upside.

Meanwhile, pullback moves may bounce off the 50-day SMA level of 1.2235 and can keep USD/CAD buyers hopeful unless declining back below the monthly horizontal support, prior resistance, around the 1.2200 round figure.

Should the quote remains pressured below 1.2200, the downward trajectory will attack the monthly rising trend line near 1.2110.

USD/CAD daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.2276
Today Daily Change	-0.0001
Today Daily Change %	-0.01%
Today daily open	1.2277

Trends
Daily SMA20	1.2102
Daily SMA50	1.2242
Daily SMA100	1.2436
Daily SMA200	1.272

Levels
Previous Daily High	1.2284
Previous Daily Low	1.2157
Previous Weekly High	1.2178
Previous Weekly Low	1.2057
Previous Monthly High	1.2352
Previous Monthly Low	1.2013
Daily Fibonacci 38.2%	1.2235
Daily Fibonacci 61.8%	1.2205
Daily Pivot Point S1	1.2195
Daily Pivot Point S2	1.2112
Daily Pivot Point S3	1.2068
Daily Pivot Point R1	1.2321
Daily Pivot Point R2	1.2366
Daily Pivot Point R3	1.2448

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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