USD/CAD Price Analysis: Retreats towards previous resistance below 1.2900

USD/CAD extends pullback from 11-week high, dashes four-day winning streak.
Bullish MACD signals, nearby key resistance lines keep buyers hopeful.
200-SMA acts as the key support, bulls eye December 2021 peak.

Anil Panchal FXStreet

USD/CAD remains on the back foot around an intraday low of 1.2867, printing the first daily loss in five heading into Wednesday’s European session.

In doing so, the Loonie pair drops towards the previous resistance line from late December as it reversed from the 11-week top.

However, bullish MACD signals and the quote’s sustained trading beyond the resistance-turned-support, around 1.2860 by the press time, favor USD/CAD buyers.

Even if the quote drops below 1.2860, an upward sloping trend line from March and the 200-SMA, respectively around 1.2775 and 1.2715, will challenge the pair bears.

Alternatively, USD/CAD buyers need to conquer the 1.2900 round figure to retake control.

Following that, highs marked during December 2021 and 2020, close to 1.2960-65, will be crucial to watch as it holds doors for the pair’s run-up beyond the 1.3000 psychological magnet.

USD/CAD: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.2878
Today Daily Change	-0.0012
Today Daily Change %	-0.09%
Today daily open	1.289

Trends
Daily SMA20	1.2734
Daily SMA50	1.2685
Daily SMA100	1.2658
Daily SMA200	1.2582

Levels
Previous Daily High	1.2901
Previous Daily Low	1.2796
Previous Weekly High	1.281
Previous Weekly Low	1.2587
Previous Monthly High	1.2878
Previous Monthly Low	1.2636
Daily Fibonacci 38.2%	1.2861
Daily Fibonacci 61.8%	1.2836
Daily Pivot Point S1	1.2824
Daily Pivot Point S2	1.2758
Daily Pivot Point S3	1.2719
Daily Pivot Point R1	1.2929
Daily Pivot Point R2	1.2967
Daily Pivot Point R3	1.3034

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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