USD/CAD Price Analysis: Defensive above 50-SMA, two-week-old support line


  • 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

Overview
Today last price 1.2323
Today Daily Change 0.0000
Today Daily Change % 0.00%
Today daily open 1.2323
 
Trends
Daily SMA20 1.2186
Daily SMA50 1.2219
Daily SMA100 1.2409
Daily SMA200 1.2695
 
Levels
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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