- USD/CAD prints mild gains on breaking weekly falling trend line.
- Upbeat RSI teases bulls but a clear run-up past immediate trading range becomes necessary.
- Bears can keep 2018 low on radars until witnessing an upside break of 1.2385.
USD/CAD picks up bids towards 1.2300, up 0.10% intraday, while heading into Tuesday’s European session.
In doing so, the quote portrays a small recovery move following the clearance of a descending trend line from April 23.
Although the upbeat RSI conditions back short-term USD/CAD buyers, the quote is yet to overcome a four-day-old trading range between 1.2266 and 1.2322.
Also acting as an upside barrier is the 1.2378-84 region comprising 200-HMA and April 26 low.
Meanwhile, USD/CAD sellers need a clear downside break of the previous resistance line near 1.2280 to challenge the latest low near 1.2265.
It should, however, be noted that the USD/CAD downside past-1.2265 will aim for a 2018 low of 1.2248 before directing bears toward the late 2017 bottom close to 1.2060.
USD/CAD hourly chart
Additional important levels
|Today last price||1.2295|
|Today Daily Change||14 pips|
|Today Daily Change %||0.11%|
|Today daily open||1.2281|
|Previous Daily High||1.2319|
|Previous Daily Low||1.2267|
|Previous Weekly High||1.2491|
|Previous Weekly Low||1.2266|
|Previous Monthly High||1.2654|
|Previous Monthly Low||1.2266|
|Daily Fibonacci 38.2%||1.2287|
|Daily Fibonacci 61.8%||1.2299|
|Daily Pivot Point S1||1.2259|
|Daily Pivot Point S2||1.2237|
|Daily Pivot Point S3||1.2207|
|Daily Pivot Point R1||1.2311|
|Daily Pivot Point R2||1.2341|
|Daily Pivot Point R3||1.2363|
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