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- USD/CAD Price Analysis: Bears flirt with weekly support above 1.2800
USD/CAD Price Analysis: Bears flirt with weekly support above 1.2800
- USD/CAD grinds lower around an upward sloping trend line from Monday.
- Steady RSI, multiple hurdles to the south challenge bears.
- Fortnight-old horizontal area restricts immediate recovery moves ahead of monthly resistance zone.
USD/CAD holds lower ground near 1.2815, after taking a U-turn from the fresh weekly high, as sellers jostle with a short-term support line during Thursday’s inactive Asian session.
In addition to the weekly ascending trend line, a steady RSI also tests the USD/CAD sellers.
Even if the quote breaks the 1.2810 immediate support, the 200-SMA and a one-month-old rising support line, respectively around 1.2785 and 1.2770, will challenge the pair’s further downside.
Hence, multiple supports and steady RSI keeps USD/CAD bears doubtful until the quote stays beyond 1.2770, a break of which will not hesitate to challenge the monthly low of 1.2713.
On the contrary, a two-week-old horizontal area surrounding 1.2885-95 challenges the short-term rebound ahead of the 1.2915-20 region comprising multiple levels marked since May 02.
Should the USD/CAD bulls manage to cross the 1.2920 hurdle, the 1.3000 psychological magnet may test the upside momentum targeting the monthly peak of 1.3076.
USD/CAD: Four-hour chart
Trend: Recovery expected
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