USD/CAD Price Analysis: Bulls eye weekly resistance line, 200-HMA

USD/CAD keeps recovery moves from 1.2688, the lowest since April 2018 flashed on Monday.
Normal RSI conditions, two-day-old support line suggests further upside.
Bulls can eye November lows, sellers will wait for fresh multi-day bottom for entry.

Anil Panchal FXStreet

USD/CAD picks up the bids near 1.2750, up 0.05% intraday, during early Thursday. In doing so, the loonie pair extends bounce off multi-month bottom marked earlier in the week.

Given the pair’s sustained trading beyond a short-term support line, amid an absence of overbought RSI conditions, USD/CAD buyers are likely to stay hopeful.

However, a clear break of a downward sloping trend line from December 09, at 1.2755 now, becomes necessary before the quote eyes 200-HMA near 1.2770.

In a case where the USD/CAD bulls dominate past-1.2770, the December 09 high of 1.2833 becomes the key as it holds the gate for the pair’s further upside towards the previous month’s low around 1.2930/20.

Alternatively, a downside break below immediate trend line support, currently around 1.2730, will attack 1.2688 while targeting the April 2018 low of 1.2527.

USD/CAD hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.2748
Today Daily Change	6 pips
Today Daily Change %	0.05%
Today daily open	1.2742

Trends
Daily SMA20	1.2893
Daily SMA50	1.3047
Daily SMA100	1.3143
Daily SMA200	1.3487

Levels
Previous Daily High	1.279
Previous Daily Low	1.2696
Previous Weekly High	1.2833
Previous Weekly Low	1.2707
Previous Monthly High	1.337
Previous Monthly Low	1.2923
Daily Fibonacci 38.2%	1.2754
Daily Fibonacci 61.8%	1.2732
Daily Pivot Point S1	1.2695
Daily Pivot Point S2	1.2649
Daily Pivot Point S3	1.2601
Daily Pivot Point R1	1.2789
Daily Pivot Point R2	1.2836
Daily Pivot Point R3	1.2883

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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