USD/CAD Price Analysis: Bulls consolidate below 1.2110 mark

USD/CAD extends the previous day’s gain in the European session.
Bulls face rejection near the 1.2110 mark.
MACD indicates upside biasness.

Rekha Chauhan Independent Analyst

The USD/CAD pair trades on a muted tone on Wednesday in the European trading hours. The pair confides in a broader range of 1.2050-1.2120 for the past three to four sessions.

At the time of writing, USD/CAD trades at 1.2107, down 0.01% for the day.

USD/CAD 4-hour chart

On the 4-hour chart, the USD/CAD has formed a double top formation near the 1.2140 level. The USD/CAD bulls face downward pressure near the descending trendline, which extends from the high of 1.2133.

If price breaks above the session’s high at 1.2117, then it would move toward the high of June 4 in the vicinity of the 1.2135 area.

The Moving Average Convergence Divergence (MACD) indicator reads comfortably above the midline with a bullish crossover. USD/CAD bulls would then aim to test the 1.2140 and the 1.2160 horizontal levels.

Alternatively, if price sustains below the session’s low at 1.2105, then the first support could be seen at the 20-hour Simple Moving Average at 1.2092 followed by the 1.2080 horizontal support level.

The next area of support would be navigated towards the low of June 7 at 1.2057.

USD/CAD additional levels

USD/CAD

Overview
Today last price	1.2105
Today Daily Change	-0.0005
Today Daily Change %	-0.04
Today daily open	1.211

Trends
Daily SMA20	1.2087
Daily SMA50	1.2291
Daily SMA100	1.2469
Daily SMA200	1.2749

Levels
Previous Daily High	1.2118
Previous Daily Low	1.2071
Previous Weekly High	1.2133
Previous Weekly Low	1.2007
Previous Monthly High	1.2352
Previous Monthly Low	1.2013
Daily Fibonacci 38.2%	1.21
Daily Fibonacci 61.8%	1.2089
Daily Pivot Point S1	1.2082
Daily Pivot Point S2	1.2053
Daily Pivot Point S3	1.2035
Daily Pivot Point R1	1.2128
Daily Pivot Point R2	1.2146
Daily Pivot Point R3	1.2174

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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