USD/CAD Price Analysis: Crosses 1.2785 resistance to snap two-day downtrend


  • USD/CAD regains upside momentum after marking two-day losses.
  • Upside break of 50-HMA, weekly falling trend line joins firmer Momentum line to favor buyers.
  • 200-HMA, 61.8% Fibonacci retracement restrict bear’s entry before fortnight-old support line.

USD/CAD pierces short-term key hurdle to the north as bulls attack 1.2800 threshold, up 0.14% intraday near 1.2795 during early Thursday.

In addition to a sustained break of 50-HMA and weekly descending trend line breakout, a firmer Momentum line adds to the bullish bias for the USD/CAD.

Hence, 1.2850 is on the cards ahead of the monthly top near 1.2900.

However, any further upside past 1.2900 will not hesitate to challenge the yearly peak of 1.2949.

Alternatively, the resistance-turned-support near 1.2785 restricts immediate downside of the USD/CAD prices ahead of the 200-HMA level surrounding 1.2715.

Also challenging the USD/CAD sellers is 61.8% Fibonacci retracement of September 10-20 upside, as well as a two-week-old horizontal area, respectively near 1.2700 and 1.2695.

USD/CAD: Hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 1.2792
Today Daily Change 0.0019
Today Daily Change % 0.15%
Today daily open 1.2773
 
Trends
Daily SMA20 1.2665
Daily SMA50 1.2617
Daily SMA100 1.2421
Daily SMA200 1.2525
 
Levels
Previous Daily High 1.2826
Previous Daily Low 1.2698
Previous Weekly High 1.2774
Previous Weekly Low 1.2601
Previous Monthly High 1.2949
Previous Monthly Low 1.2453
Daily Fibonacci 38.2% 1.2747
Daily Fibonacci 61.8% 1.2777
Daily Pivot Point S1 1.2705
Daily Pivot Point S2 1.2638
Daily Pivot Point S3 1.2577
Daily Pivot Point R1 1.2834
Daily Pivot Point R2 1.2894
Daily Pivot Point R3 1.2962

 

 

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