USD/CAD Price Analysis: Bulls consolidate below 1.2120


  • USD/CAD seesaws in the European trading session.
  • Bulls keep up the effort to scale above 1.2120.
  • Momentum oscillator holds onto positive trajectory.

The USD/CAD pair moves back-forth on Thursday in the European trading hours. The pair continues to consolidate below the 1.2120 mark.  As of writing, USD/CAD trades at 1.2113, up 0.03% for the day.

USD/CAD 4-hour chart

On the 4-hour chart, the USD/CAD pair has been moving in a broader upside trading channel, while consolidating near the 1.2120 area. The ascending channel extends from the lows of 1.2007.

The pair seeks more upside if price decisively breaks the session’s high at 1.2123. USD/CAD bulls then aim for the 1.2140 horizontal resistance level. The 1.2140 level is a key psychological mark with multiple top formations, which makes it a critical level to trade.

The Moving Average Convergence Divergence (MACD) indicator reads above the midline with a bullish crossover. Any uptick in the MACD would prompt USD bulls to flex their muscle toward the levels last seen in April. 

The next hurdle could be located at the 1.2160 horizontal resistance level followed by the April 14 high in the vicinity of the 1.2180 area.

Alternatively, if price moves lower, then it could be traced back to the 1.2100 and 1.2080 horizontal support levels.

Market participants would then try to retest the low of June 7 at 1.2057.

USD/CAD additional levels

USD/CAD

Overview
Today last price 1.2114
Today Daily Change 0.0003
Today Daily Change % 0.02
Today daily open 1.2111
 
Trends
Daily SMA20 1.2086
Daily SMA50 1.2282
Daily SMA100 1.2464
Daily SMA200 1.2744
 
Levels
Previous Daily High 1.2118
Previous Daily Low 1.2058
Previous Weekly High 1.2133
Previous Weekly Low 1.2007
Previous Monthly High 1.2352
Previous Monthly Low 1.2013
Daily Fibonacci 38.2% 1.2095
Daily Fibonacci 61.8% 1.2081
Daily Pivot Point S1 1.2074
Daily Pivot Point S2 1.2037
Daily Pivot Point S3 1.2015
Daily Pivot Point R1 1.2133
Daily Pivot Point R2 1.2155
Daily Pivot Point R3 1.2192

 


 

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