USD/CAD Price Analysis: Bulls face strong resistance near 1.2550

USD/CAD consolidates gains for the last two previous sessions.
Bulls face stiff resistance near the 1.2520-1.2550 zone.
Momentum oscillator holds onto overbought zone with a neutral stance.

Rekha Chauhan Independent Analyst

USD/CAD accumulates gains on Tuesday in the initial Asian trading session. The pair opened lower, however, recovered quickly and tested the intraday high of 1.2585.

At the time of writing, USD/CAD is trading at 1.2513, up 0.04% for the day.

USD/CAD daily chart

On the daily chart, the USD/CAD pair has been moving in an upward direction since June 9 from the low of 1.2058, after a long consolidation phase.
The ascending trendline from the mentioned level acts as a defensive for the bulls.

If price sustained above the intraday’s high, it could move higher toward the 20-day Simple Moving Average (SMA) at 1.2543.

The Moving Average Convergence Divergence (MACD) indicator holds onto the positive territory. The reading suggests that there is room for further upside momentum.

A break and daily close above the ascending bullish slope line would encourage USD/CAD bulls to recoup the high of July 28 at 1.2604 followed by the 1.2650 horizontal resistance level.

Alternatively, if price moves lower, it could fall back to the 1.2450 horizontal support level.

A daily close below the mentioned level could mean more weakness in USD/CAD toward the 1.2400 horizontal support level.

The next area of support for the market participant would be the 6 July low of 1.2303.

USD/CAD additional levels

USD/CAD

Overview
Today last price	1.2512
Today Daily Change	0.0004
Today Daily Change %	0.03
Today daily open	1.2508

Trends
Daily SMA20	1.2541
Daily SMA50	1.2347
Daily SMA100	1.2369
Daily SMA200	1.2595

Levels
Previous Daily High	1.2515
Previous Daily Low	1.2453
Previous Weekly High	1.2605
Previous Weekly Low	1.2422
Previous Monthly High	1.2808
Previous Monthly Low	1.2303
Daily Fibonacci 38.2%	1.2491
Daily Fibonacci 61.8%	1.2477
Daily Pivot Point S1	1.2469
Daily Pivot Point S2	1.243
Daily Pivot Point S3	1.2408
Daily Pivot Point R1	1.2531
Daily Pivot Point R2	1.2554
Daily Pivot Point R3	1.2593

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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