USD/CAD Price Analysis: Bulls keep reins beyond 1.2850 support confluence

USD/CAD grinds higher around weekly top, flirts with short-term resistance line.
200-HMA, 100-HMA join one-week-old ascending trend line to restrict the immediate downside.
Bulls approach 1.2935-40 horizontal hudle, MACD teases bears.

Anil Panchal FXStreet

USD/CAD remains on the bull’s radar as it edges higher around 1.2920 during Thursday’s Asian session. In doing so, the Loonie pair seesaws near a downward sloping resistance line from Monday amid an impending bear cross on the MACD.

Even so, sustained trading beyond the convergence of the 100-HMA, 200-HMA and a one-week-long ascending trend line, around 1.2850, keeps the USD/CAD buyers hopeful.

As a result, the quote appears on the way to the weekly horizontal resistance around 1.2935-40.

Following that, the monthly high around 1.2985 and the 1.3000 psychological magnet will be in focus.

On the contrary, pullback moves become elusive beyond the 1.2850 support confluence.

Also acting as a downside filter is the weekly bottom surrounding 1.2825 and the 1.2800 round figure.

In a case where the USD/CAD prices stay weak past 1.2800, the odds of witnessing a south-run towards the monthly low near 1.2725 can’t be ruled out.

To sum up, USD/CAD is on the bull’s radar but with limited upside room.

USD/CAD: Hourly chart

Trend: Further upside expected

Additional impoprtant levels

Overview
Today last price	1.2919
Today Daily Change	0.0007
Today Daily Change %	0.05%
Today daily open	1.2912

Trends
Daily SMA20	1.2852
Daily SMA50	1.2903
Daily SMA100	1.281
Daily SMA200	1.2753

Levels
Previous Daily High	1.2937
Previous Daily Low	1.2828
Previous Weekly High	1.295
Previous Weekly Low	1.2728
Previous Monthly High	1.3224
Previous Monthly Low	1.2789
Daily Fibonacci 38.2%	1.2895
Daily Fibonacci 61.8%	1.2869
Daily Pivot Point S1	1.2847
Daily Pivot Point S2	1.2783
Daily Pivot Point S3	1.2738
Daily Pivot Point R1	1.2957
Daily Pivot Point R2	1.3001
Daily Pivot Point R3	1.3066

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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