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- USD/CAD Price Analysis: Further upside hinges on 1.2900 breakout
USD/CAD Price Analysis: Further upside hinges on 1.2900 breakout
- USD/CAD seesaws around a three-month-old horizontal resistance, pauses four-day uptrend.
- Bullish MACD, absence of overbought RSI favor the pair’s further upside.
- Horizontal resistance area from late 2021 act as an additional upside hurdle, bears need validation from 50-DMA to take entries.
USD/CAD bulls take a breather around the monthly high, making rounds to 1.2900 as a short-term key resistance challenge further upside during Tuesday’s Asian session.
Even so, bullish MACD signals and an absence of overbought RSI (14) hint at the quote’s capacity to cross the immediate hurdle, namely an area comprising multiple levels marked since March, around 1.2900.
It should be noted, however, that the RSI may turn overbought past 1.2900, which in turn highlights the 1.2965-75 as the key resistance zone.
If at all the USD/CAD bulls manage to cross the 1.2975 hurdle, the 1.3000 psychological magnet and the yearly high of 1.3076 should return to the charts.
On the contrary, pullback moves remain elusive until the quote stays beyond the 50-DMA level of 1.2743.
Following that, the 1.2700 round figure and mid-April swing high near 1.2675 could gain the USD/CAD bear’s attention.
USD/CAD: Daily chart
Trend: Further upside expected
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