- Analytics
- News and Tools
- Market News
- USD/CAD Price Analysis: Bulls need validation from 1.2880 for further upside
USD/CAD Price Analysis: Bulls need validation from 1.2880 for further upside
- USD/CAD eases from three-month high, after five-day uptrend.
- 61.8% Fibonacci retracement level, RSI conditions challenge buyers.
- Tops marked during December 2020, August 2021 lures bulls past 1.2880.
- 10-DMA restricts immediate downside, two-month-old support line becomes the key.
USD/CAD bulls take a breather around the highest levels since late September, easing to 1.2857 during Wednesday’s Asian session.
In doing so, the Loonie pair retreats below 61.8% Fibonacci retracement (FIbo.) level of September 2020 to June 2021 downside, around 1.2880, amid nearly overbought RSI conditions.
Even so, the 10-DMA level of 1.2767 restricts immediate losses ahead of the 50% retracement close to 1.2710.
Also acting as strong support is an upward sloping trend line from late October, surrounding 1.2650 at the latest.
Alternatively, a clear upside break of the 1.2880 hurdle will serve as a trigger to the further advances targeting tops marked during late 2020 and 2021, around 1.2950-60.
Furthermore, a descending trend line from September 2020 near 1.2980 and the 1.3000 threshold will become additional challenges for the USD/CAD bulls to cross past 1.2960.
USD/CAD: Daily chart
Trend: Pullback expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
