USD/CAD Price Analysis: Bulls Challenge 20-day SMA near 1.2670

USD/CAD remains supported near 1.2640 in the Asian session on Monday.
Multiple support near 1.2640 and 1.2645 makes bulls hopeful.
Price clings near to ascending trendline, needs confirmation to place an aggressive bid.

Rekha Chauhan Independent Analyst

USD/CAD trades with a cautious tone on Monday in the early Asian trading hours. The pair confides in a narrow trade band with no meaningful traction. At the time of writing, USD/CAD is trading at 1.2654, up 0.02% for the day.

USD/CAD daily chart

On the daily chart, USD/CAD has been consolidating in the range of 1.2640 and 1.2645 for the past few sessions. The rising trendline from the low made at the beginning of September series near 1.2495 (September 3) acts as defensive for the bulls. If the price breaks the 20-day Simple Moving Average (SMA) at 1.2668 it could trace back to the 1.2725 horizontal resistance level.

Next, USD/CAD bulls would attempt to test Thursday’s high of 1.2796 followed by the 1.2850 horizontal resistance level.

Alternatively, the Moving Average Convergence Divergence (MACD) indicator holds onto the overbought zone with a bearish crossover. Any downtick in the MACD would trigger a fresh round of selling for the pair seeking the first downside target at the 1.2620 horizontal support level. The bears would further be encouraged to move toward the low of September 10 at 1.2582.

Furthermore, a daily close below the mentioned level would make the possibility that USD/CAD can retest the low made on September 3 at 1.2493.

USD/CAD additional levels

Overview
Today last price	1.2654
Today Daily Change	0.0002
Today Daily Change %	0.02
Today daily open	1.2652

Trends
Daily SMA20	1.2665
Daily SMA50	1.2619
Daily SMA100	1.2431
Daily SMA200	1.2524

Levels
Previous Daily High	1.2731
Previous Daily Low	1.2641
Previous Weekly High	1.2896
Previous Weekly Low	1.2634
Previous Monthly High	1.2949
Previous Monthly Low	1.2453
Daily Fibonacci 38.2%	1.2675
Daily Fibonacci 61.8%	1.2696
Daily Pivot Point S1	1.2618
Daily Pivot Point S2	1.2585
Daily Pivot Point S3	1.2529
Daily Pivot Point R1	1.2708
Daily Pivot Point R2	1.2764
Daily Pivot Point R3	1.2798

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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