USD/CAD Price Analysis: Looks for more gains beyond 1.2350

USD/CAD pares part of its previous day’s loss on Monday.
More gains envisioned if price decisively breaks 1.2350.
Momentum oscillator trades with positive bias indicate further upside.

Rekha Chauhan Independent Analyst

USD/CAD pair edges higher on Monday in the initial European trading session. The pair opened lower and quickly rebound to touch the intraday high at 1.2348.

At the time of writing, USD/CAD is trading at 1.2346, up 0.18% for the day.

USD/CAD daily chart

On the daily chart, after consolidating in the 1.2280-1.2330 trading range, USD/CAD rose to 1.2449 on Friday. However, it failed to preserve the upside momentum.

If price breaks the session’s high at 1.2348, it would move toward the 100-day Simple Moving Average (SMA) at 1.2384.

The Relative Strength Index (RSI) indicator reads comfortably above 50. Next, the USD/CAD bulls would aim to test Friday’s high in the vicinity of the 1.2450 area.

A daily close above the 1.2450 would motivate the bulls to push higher toward the 1.2500 key psychological mark.

Alternatively, if price starts moving lower, then the first support could be seen at the 1.2300 horizontal support level, followed by the low of June 23 at 1.2252.

The next area of support navigated toward the 1.2220 horizontal support level.

USD/CAD additional level

USD/CAD

Overview
Today last price	1.2345
Today Daily Change	0.0025
Today Daily Change %	0.20
Today daily open	1.232

Trends
Daily SMA20	1.2273
Daily SMA50	1.2201
Daily SMA100	1.2388
Daily SMA200	1.2667

Levels
Previous Daily High	1.245
Previous Daily Low	1.2309
Previous Weekly High	1.245
Previous Weekly Low	1.2288
Previous Monthly High	1.2487
Previous Monthly Low	1.2007
Daily Fibonacci 38.2%	1.2363
Daily Fibonacci 61.8%	1.2396
Daily Pivot Point S1	1.227
Daily Pivot Point S2	1.2219
Daily Pivot Point S3	1.2129
Daily Pivot Point R1	1.241
Daily Pivot Point R2	1.25
Daily Pivot Point R3	1.2551

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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