USD/CAD Price Analysis: Off 21-SMA to aim for 1.2700


  • USD/CAD picks up bids to refresh intraday high, trims previous day’s losses.
  • Firmer RSI, sustained trading beyond previous resistance keeps buyers hopeful.

USD/CAD bulls retake controls, refreshing intraday high to 1.2691 amid early Wednesday. The Loonie pair snapped a three-day uptrend on Tuesday before recently bouncing off 21-SMA.

The rebound gains support from a sturdy RSI line and a successful break of an ascending resistance line from June 21, now support, to keep buyers hopeful.

Hence, the 1.2700 threshold becomes imminent to arrive on the chart before directing intraday bulls to a short-term horizontal hurdle around 1.2730.

However, a clear break of 1.2730 will enable the USD/CAD bulls to refresh the monthly high beyond 1.2800.

Alternatively, a downside break of the 21-SMA level of 1.2675 will be probed by the stated support line near 1.2655 and the early-month top surrounding 1.2590.

In a case where USD/CAD bears keep reins below 1.2590, the 100-SMA level of 1.2493 will be on their radars.

USD/CAD: Four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price 1.2688
Today Daily Change 0.0007
Today Daily Change % 0.06%
Today daily open 1.2681
 
Trends
Daily SMA20 1.2459
Daily SMA50 1.2267
Daily SMA100 1.2375
Daily SMA200 1.2623
 
Levels
Previous Daily High 1.2787
Previous Daily Low 1.2675
Previous Weekly High 1.2621
Previous Weekly Low 1.2427
Previous Monthly High 1.2487
Previous Monthly Low 1.2007
Daily Fibonacci 38.2% 1.2718
Daily Fibonacci 61.8% 1.2744
Daily Pivot Point S1 1.2642
Daily Pivot Point S2 1.2602
Daily Pivot Point S3 1.253
Daily Pivot Point R1 1.2754
Daily Pivot Point R2 1.2826
Daily Pivot Point R3 1.2866

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: Bears lack fuel, bulls need 1.1840 breakout

EUR/USD dropped to the fresh low since early April before portraying a short-covering move that extends to Wednesday’s Asian session. The major currency pair seesaws around 1.1780, staying inside a monthly falling wedge bullish chart pattern.

EUR/USD News

GBP/USD: Recovery remains doubtful below 200-DMA

GBP/USD picks up bids to 1.3630, consolidate losses around a five-month low, amid Wednesday’s Asian session. In doing so, the cable pair confronts previous support stretched from June while keeping the downside break of 200-DMA amid bearish MACD.

GBP/USD News

EUR/USD: Bears lack fuel, bulls need 1.1840 breakout

EUR/USD dropped to the fresh low since early April before portraying a short-covering move that extends to Wednesday’s Asian session. The major currency pair seesaws around 1.1780, staying inside a monthly falling wedge bullish chart pattern.

EUR/USD News

Shiba Inu corrects 25% with more pain to come for SHIB

Shiba Inu was in no case different from any other cryptocurrency on Monday in the market turmoil caused by rising covid cases in the US and UK. Investors are worried about a third wave that might come as economies reopen with no obligations for masks or other safety measures. 

Read more

Delta fears remain despite market rebound

The rise in Covid cases continues to hamper sentiment, with dollar strength and falling treasury yields undermining the gains in stocks. In the UK, reopening stocks and housebuilders lead the gains. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures