USD/CAD Price Analysis: Retreats towards 1.2950 inside weekly bullish channel

FXStreet · 24 Jun 2022 150 Views

USD/CAD snaps two-day uptrend, stays pressured towards immediate support line.
Bullish chart pattern, steady RSI keeps buyers hopeful, 1.3080 is the key hurdle.
Downside break of mid-month low could convince bears.

USD/CAD extends pullback from 1.3017 towards dropping back inside a weekly ascending trend channel formation. That said, the Loonie pair stays depressed at around 1.2980 by the press time of Friday’s Asian session.

A two-day-old support line joins the 50% Fibonacci retracement of June 16-17 upside to highlight 1.2970 as the short-term key support.

Following that, the aforementioned channel’s lower line, at 1.2935 by the press time, will be crucial for the USD/CAD bears to watch.

Should the quote remains bearish past 1.2935, the odds of witnessing a south-run towards the mid-June trough surrounding 1.2860 can’t be ruled out.

Alternatively, the upper line of the stated channel, around 1.3015, restricts short-term advances of the USD/CAD pair.

Following that, the double tops around 1.3080 will be important to track as a clear upside break of the 1.3080 hurdle could theoretically propel the prices towards 1.3650. However, the late 2020 peak near 1.3420 may offer intermediate halts during the run-up.

To sum up, USD/CAD braces for short-term declines but the overall trend remains bullish.

USD/CAD: Hourly chart

Trend: Bullish

Addititional important levels

Overview
Today last price	1.2987
Today Daily Change	-0.0007
Today Daily Change %	-0.05%
Today daily open	1.2994

Trends
Daily SMA20	1.2778
Daily SMA50	1.2796
Daily SMA100	1.2728
Daily SMA200	1.2677

Levels
Previous Daily High	1.3018
Previous Daily Low	1.2936
Previous Weekly High	1.3079
Previous Weekly Low	1.2774
Previous Monthly High	1.3077
Previous Monthly Low	1.2629
Daily Fibonacci 38.2%	1.2987
Daily Fibonacci 61.8%	1.2967
Daily Pivot Point S1	1.2948
Daily Pivot Point S2	1.2901
Daily Pivot Point S3	1.2867
Daily Pivot Point R1	1.3029
Daily Pivot Point R2	1.3064
Daily Pivot Point R3	1.3111

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