- USD/CAD struggles to extend bounce off key supports.
- Weekly horizontal resistance guards immediate upside amid steady RSI.
- Further losses envisioned amid hesitant recovery, bumpy road to the north.
USD/CAD picks up bids to 1.2325 amid a quiet Asian session on Friday. In doing so, the major currency pair defends the previous day’s bounce off 50-SMA and an ascending support line from June 11 amid a steady RSI line.
However, the quote’s failure to cross the immediate hurdle, a weekly horizontal line near 1.2345, followed by multiple resistances to the north, keeps USD/CAD buyers worried.
Hence, the pair sellers keep searching for the clues to fresh entries and can cheer a downside break of 1.2295 by targeting the mid-June tops near the 1.2200 threshold.
It’s worth noting that the monthly horizontal region surrounding 1.2130-20 could test the USD/CAD bears past 1.2200.
Meanwhile, an upside clearance of 1.2345 isn’t a green pass to the USD/CAD bulls as multiple stops around 1.2390 and 1.2430 can challenge the run-up ahead of the monthly peak near 1.2490.
USD/CAD four-hour chart
Trend: Pullback expected
Additional important levels
|Today last price||1.2323|
|Today Daily Change||0.0000|
|Today Daily Change %||0.00%|
|Today daily open||1.2323|
|Previous Daily High||1.2341|
|Previous Daily Low||1.2283|
|Previous Weekly High||1.2481|
|Previous Weekly Low||1.2128|
|Previous Monthly High||1.2352|
|Previous Monthly Low||1.2013|
|Daily Fibonacci 38.2%||1.2319|
|Daily Fibonacci 61.8%||1.2305|
|Daily Pivot Point S1||1.229|
|Daily Pivot Point S2||1.2257|
|Daily Pivot Point S3||1.2232|
|Daily Pivot Point R1||1.2348|
|Daily Pivot Point R2||1.2373|
|Daily Pivot Point R3||1.2406|
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