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- USD/CAD Price Analysis: Loonie buyers resist cheering 50-DMA breakout below 1.3650
USD/CAD Price Analysis: Loonie buyers resist cheering 50-DMA breakout below 1.3650
- USD/CAD fades recovery from intraday low as bulls struggle around one-month high.
- 50-DMA challenges immediate downside ahead of one-week-old ascending support line.
- Downward-sloping resistance line prods Loonie pair buyers amid nearly overbought RSI, bullish MACD signals.
USD/CAD bulls take a breather at the highest level in a month, retreating to 1.3625 amid early Wednesday morning in Europe.
Although the nearly overbought RSI (14) line triggered the USD/CAD pair’s latest pullback, the Loonie pair remains on the buyer’s radar amid bullish MACD signals and a successful upside break of the 50-DMA.
Hence, the quote’s latest retreat appears elusive unless staying beyond the 50-DMA level of around 1.3580.
Even if the USD/CAD pair breaks the 50-DMA support, an ascending trend line from April 14, close to 1.3540 at the latest, acts as an extra filter towards the south.
Above all, the Loonie pair bears remain cautious unless witnessing a clear downside break of a 5.5-month-long ascending support line, near 1.3300 by the press time.
On the contrary, a six-week-long falling resistance line of around 1.3665 guards the quote’s immediate upside.
Following that, the late 2022 peak near 1.3705 will precede the current yearly high of 1.3861 to lure the USD/CAD bulls.
To sum up, the Loonie pair’s first daily closing above the 50-DMA in a month joins upbeat oscillators to keep buyers hopeful.
USD/CAD: Daily chart
Trend: Bullish
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