USD/CAD Price Analysis: Pierces 200-DMA, key resistance line as Canada Inflation, Fed Minutes loom

USD/CAD takes the bids to refresh intraday high, jostles with crucial resistances.
Bullish MACD signals, sustained upside break of four-month-old rising trend line favor Loonie pair buyers.
Sellers need validation from April’s low to retake control.

Anil Panchal FXStreet

USD/CAD crosses the 200-DMA hurdle as bulls attack the five-month-old descending resistance line early Monday in Europe. In doing so, the Loonie pair justifies the retreat in the WTI crude oil prices, Canada’s key export item, while taking clues from the firmer US Treasury bond yields and the US Dollar amid sour sentiment. That said, the major currency pair rises 0.11% intraday to near 1.3460 by the press time.

Also read: USD/CAD holds ground near the 1.3440 mark, eyes on Canadian CPI, US Retail Sales

Apart from the aforementioned fundamentals, a successful break of the rising trend line from April 14, close to 1.3400, joins the bullish MACD signals to keep the USD/CAD buyers hopeful.

However, a daily closing beyond the stated resistance line, close to 1.3460 at the latest, becomes necessary for the Loonie pair buyers to keep the reins.

Also likely to challenge the USD/CAD buyers is the monthly high of near 1.3500, a break of which could propel the prices toward a horizontal area comprising multiple tops marked since late April, close to 1.3655–70.

On the flip side, USD/CAD sellers will seek a daily closing beneath the 200-DMA level of 1.3450 to rethink returning from the camp.

Even so, a four-month-long rising trend line near 1.3400 will test the Loonie pair’s downside before giving control to the bears.

USD/CAD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.3458
Today Daily Change	0.0016
Today Daily Change %	0.12%
Today daily open	1.3442

Trends
Daily SMA20	1.328
Daily SMA50	1.3268
Daily SMA100	1.3388
Daily SMA200	1.345

Levels
Previous Daily High	1.3466
Previous Daily Low	1.3412
Previous Weekly High	1.3502
Previous Weekly Low	1.3356
Previous Monthly High	1.3387
Previous Monthly Low	1.3093
Daily Fibonacci 38.2%	1.3433
Daily Fibonacci 61.8%	1.3446
Daily Pivot Point S1	1.3415
Daily Pivot Point S2	1.3387
Daily Pivot Point S3	1.3361
Daily Pivot Point R1	1.3468
Daily Pivot Point R2	1.3494
Daily Pivot Point R3	1.3522

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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