USD/CAD Price Analysis: Remains on track to climb toward 1.2600

USD/CAD attempts to bounce toward the 1.2600 mark.
Bulls face rejection near the descending trend line.
Positive MACD tilts in favor of an upside move.

FXStreet Team FXStreet

The USD/CAD pair is consolidating near the 1.2580 region in the European session, moving in a narrow trade range band of 1.2580-55.

At the time of writing, USD/CAD is trading at 1.2579, up 0.14% on the day.

USD/CAD: Four-hour chart

On the four-hour chart, the price faces rejection near the downward slope line extending from Wednesday’s highs near the 1.2635 area. The pair is comfortably placed above the 50-hour SMA placed at 1.2565 with an upward bias.

The Moving Average Convergence Divergence (MACD) oscillator reads above the midline, after giving a bullish crossover, and favors bulls. A sustained move above the descending trendline could give an up thrust toward the 1.2620 horizontal resistance zone.

Bulls would further look up to March 30 highs near the 1.2650 area, and the next stoppage could be marked near the 1.2675 horizontal resistance zone.

On the flip side, moving downward, bears could test the 50-hour SMA placed at 1.2560. A breach of the SMA would open the doors toward the 1.2520 and 1.2480 horizontal support areas.

USD/CAD: Additional levels

USD/CAD

Overview
Today last price	1.2581
Today Daily Change	0.0020
Today Daily Change %	0.16
Today daily open	1.2562

Trends
Daily SMA20	1.2549
Daily SMA50	1.2614
Daily SMA100	1.2703
Daily SMA200	1.2978

Levels
Previous Daily High	1.2574
Previous Daily Low	1.2528
Previous Weekly High	1.2635
Previous Weekly Low	1.2502
Previous Monthly High	1.274
Previous Monthly Low	1.2365
Daily Fibonacci 38.2%	1.2556
Daily Fibonacci 61.8%	1.2546
Daily Pivot Point S1	1.2535
Daily Pivot Point S2	1.2509
Daily Pivot Point S3	1.2489
Daily Pivot Point R1	1.2582
Daily Pivot Point R2	1.2601
Daily Pivot Point R3	1.2628

Author

FXStreet Team

FXStreet

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