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.

Anil Panchal FXStreet

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

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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