USD/CAD Price Analysis: Bulls keep 1.3080-85 hurdle on radar

USD/CAD remains sidelined after refreshing five-week high, probes four-day uptrend.
Successful break of one-month-old ascending trend line, bullish MACD signals favor buyers.
Bears stay off the table unless breaking 200-DMA support.

Anil Panchal FXStreet

USD/CAD remains sidelined around the monthly high surrounding mid-1.3000s as bulls take a breather after a four-day uptrend to the initial Asian session on Tuesday. Even so, the Loonie pair holds onto the previous day’s upside break of an ascending resistance line from July 25, now support near 1.3030.

In addition to the successful break of the monthly resistance line, bullish MACD signals also keep USD/CAD buyers hopeful.

However, multiple tops marked between early May and early July, around 1.3080-85, offer strong resistance to the bulls.

In a case where the quote rises past 1.3085, the 1.3135 mark may act as an intermediate halt before fueling prices the USD/CAD prices towards the yearly peak of 1.3223.

Alternatively, pullback remains elusive until the quote stays beyond the aforementioned resistance-turned-support near 1.3030. Also acting as an immediate downside filter is the 1.3000 psychological magnet.

It’s worth noting that multiple levels around 1.2935-30 and the 1.2800 threshold could lure USD/CAD bears past 1.3000. Even so, the pair sellers should remain cautious unless witnessing a clear break of the 200-DMA support of 1.2760.

USD/CAD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.3051
Today Daily Change	0.0056
Today Daily Change %	0.43%
Today daily open	1.2995

Trends
Daily SMA20	1.286
Daily SMA50	1.2912
Daily SMA100	1.282
Daily SMA200	1.2757

Levels
Previous Daily High	1.3009
Previous Daily Low	1.2943
Previous Weekly High	1.3009
Previous Weekly Low	1.2769
Previous Monthly High	1.3224
Previous Monthly Low	1.2789
Daily Fibonacci 38.2%	1.2984
Daily Fibonacci 61.8%	1.2968
Daily Pivot Point S1	1.2956
Daily Pivot Point S2	1.2917
Daily Pivot Point S3	1.289
Daily Pivot Point R1	1.3021
Daily Pivot Point R2	1.3048
Daily Pivot Point R3	1.3087

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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