USD/CAD Price Analysis: Crosses 200-DMA to refresh monthly high

USD/CAD rises for the second consecutive day, recently on the bids.
Sustained break of the key moving average, MACD conditions back the bulls.
Ascending trend line from early June restricts short-term downside.

Anil Panchal FXStreet

USD/CAD extends the previous day’s rebound from the key support line beyond 200-DMA during early Tuesday. In doing so, the Loonie pair takes the bids around the 1.2600 threshold to renew the highest levels since July 28.

In addition to the 200-DMA breakout, MACD histogram also teases the bulls, suggesting further upside towards the late July tops near 1.2610.

During the quote’s sustained trading beyond 1.2610, the 1.2675 can challenge the USD/CAD bulls on their way to the last month’s top surrounding 1.2810.

Meanwhile, pullback moves need to provide a daily closing below the 200-DMA level of 1.2560 to recall the USD/CAD sellers. Even so, the previously stated support line close to 1.2515 will challenge the quote’s further weakness.

In a case where the pair drops below 1.2515, the 1.2500 round figure and July 22 swing low near 1.2420 will be in focus.

USD/CAD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.2596
Today Daily Change	0.0023
Today Daily Change %	0.18%
Today daily open	1.2573

Trends
Daily SMA20	1.2541
Daily SMA50	1.2438
Daily SMA100	1.2369
Daily SMA200	1.2562

Levels
Previous Daily High	1.2584
Previous Daily Low	1.2512
Previous Weekly High	1.2589
Previous Weekly Low	1.2489
Previous Monthly High	1.2808
Previous Monthly Low	1.2303
Daily Fibonacci 38.2%	1.2557
Daily Fibonacci 61.8%	1.2539
Daily Pivot Point S1	1.2529
Daily Pivot Point S2	1.2484
Daily Pivot Point S3	1.2457
Daily Pivot Point R1	1.2601
Daily Pivot Point R2	1.2629
Daily Pivot Point R3	1.2673

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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