- USD/CAD battles intraday top to consolidate recent losses.
- Strong support, upbeat Momentum line keep buyers hopeful.
- 100-day SMA guards immediate upside, descending trend line from January becomes the key hurdle.
USD/CAD remains sidelined around 1.2370, reverses the previous day’s pullback moves, amid Tuesday’s Asian session. The loonie pair stepped back from a four-month-old resistance line the previous day but the pair buyers return from a horizontal area comprising multiple levels marked since late April.
Given the strong Momentum and the pair’s bounce off the key support zone, USD/CAD may extend the recovery moves toward the immediate hurdle, namely 100-day SMA level of 1.2420.
During the quote’s further upside, the 1.2200 and the stated resistance line from late January, close to 1.2485, will crucial to watch.
Meanwhile, a downside break of 1.2350-25 support area may seek confirmation around 1.2270 before dragging the quote to the mid-May tops surrounding the 1.2200 mark.
It’s worth noting that there prevail multiple stops between the USD/CAD south-run below 1.2200 and the yearly low close to the 1.2000 psychological magnet.
USD/CAD daily chart
Trend: Further recovery expected
Additional important levels
|Today last price||1.237|
|Today Daily Change||0.0009|
|Today Daily Change %||0.07%|
|Today daily open||1.2361|
|Previous Daily High||1.2487|
|Previous Daily Low||1.2353|
|Previous Weekly High||1.2481|
|Previous Weekly Low||1.2128|
|Previous Monthly High||1.2352|
|Previous Monthly Low||1.2013|
|Daily Fibonacci 38.2%||1.2404|
|Daily Fibonacci 61.8%||1.2436|
|Daily Pivot Point S1||1.2314|
|Daily Pivot Point S2||1.2267|
|Daily Pivot Point S3||1.218|
|Daily Pivot Point R1||1.2447|
|Daily Pivot Point R2||1.2534|
|Daily Pivot Point R3||1.2581|
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