USD/CAD Price Analysis: Gearing up for a move beyond ascending trend-channel hurdle

USD/CAD regains traction and recovers the overnight corrective slide.
The set-up now supports prospects for a near-term bullish breakout.

Haresh Menghani FXStreet

The USD/CAD pair caught some fresh bids near 50-day SMA on Wednesday and edged higher through the early North-American session, recovering a major part of the overnight modest pullback.

Bulls are now looking to extend the momentum beyond 100-day SMA and might aim towards challenging the top end of monthly ascending trend-channel, currently near the 1.3200-1.3210 region.

Meanwhile, technical indicators on the daily chart have been gaining positive traction and support prospects for a near-term bullish break through the trend-channel.

Some follow-through buying beyond the very important 200-day SMA, around the 1.3235 region, might be seen as a key trigger for bullish traders and set the stage for further near-term upside.

The pair then might aim towards testing the 1.3250-70 supply zone before eventually darting towards its next major hurdle near the 1.3300 round-figure mark, levels not seen since early December.

On the flip side, mid-1.3100s (50-day SMA) might continue to protect the immediate downside, which if broken is likely to accelerate the slide towards the 1.3130-25 support en-route the 1.3100 level.

USD/CAD daily chart

USD/CAD

Overview
Today last price	1.3189
Today Daily Change	0.0023
Today Daily Change %	0.17
Today daily open	1.3166

Trends
Daily SMA20	1.3063
Daily SMA50	1.3145
Daily SMA100	1.3179
Daily SMA200	1.3232

Levels
Previous Daily High	1.3208
Previous Daily Low	1.3164
Previous Weekly High	1.3174
Previous Weekly Low	1.3036
Previous Monthly High	1.3322
Previous Monthly Low	1.2951
Daily Fibonacci 38.2%	1.3181
Daily Fibonacci 61.8%	1.3191
Daily Pivot Point S1	1.3151
Daily Pivot Point S2	1.3135
Daily Pivot Point S3	1.3107
Daily Pivot Point R1	1.3195
Daily Pivot Point R2	1.3223
Daily Pivot Point R3	1.3239

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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