- 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
Addititional important levels
|Today last price||1.2987|
|Today Daily Change||-0.0007|
|Today Daily Change %||-0.05%|
|Today daily open||1.2994|
|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|