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- USD/CAD Price Analysis: 50/100-DMA confluence guards rebound near 1.2685-90
USD/CAD Price Analysis: 50/100-DMA confluence guards rebound near 1.2685-90
- USD/CAD consolidates recent losses around two-week low, grinds lower of late.
- Bearish MACD signals, key DMAs challenge buyers, 1.2880-90 is the key hurdle.
- Two-month-old support line, 200-DMA adds to the downside filters.
USD/CAD bears take a breather around a fortnight low while making rounds to 1.2680-85 during Thursday’s Asian session.
In doing so, the Loonie pair snaps a two-day downtrend to recover from a multi-day bottom. However, a convergence of the 100-DMA and the 50-DMA challenge the quote’s immediate upside, around 1.2685-90, amid bearish MACD signals.
Even if the USD/CAD prices manage to rally past 1.2690, multiple resistance levels near the 1.2800 threshold and a three-month-old horizontal area surrounding 1.2880-90 will challenge the pair’s further advances.
Following that, a free run-up towards the 1.3000 psychological magnet can’t be ruled out.
On the flip side, an upward sloping support line from January 20, near 1.2630 by the press time, lures the USD/CAD bears.
Should the quote drops below 1.2630, the 200-DMA and a five-month-long rising trend line, respectively around 1.2600 and 1.2555, will be in focus.
USD/CAD: Daily chart
Trend: Further weakness expected
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