USD/CAD Price Analysis: Stays on the way to seven-week-old hurdle above 1.2800

USD/CAD remains on the front foot for the fourth day in a row.
Sustained trading beyond 200-DMA, absence of overbought RSI on daily favor buyers.
Key Fibonacci retracement levels add to the downside supports, 1.2830 acts as extra filter to yearly high.

Anil Panchal FXStreet

USD/CAD takes the bids around 1.2718, up 0.22% intraday while flashing a four-day uptrend ahead of Thursday’s European session. In doing so, the quote reverses the previous day’s pullback after rising to the 13-day high.

The upside momentum gains support from 200-DMA and an upbeat RSI line, not oversold.

Hence, the USD/CAD buyers are geared for a north-run targeting the horizontal hurdle connecting levels marked since July 19, around 1.2810-15.

It should be observed that the RSI should turn overbought around the key resistance and hence the quote may witness a pullback afterward.

If not, then highs marked on August 19 and 23, near 1.2830, offer an extra challenge before witnessing the rally to the year’s high near 1.2950.

On the flip side, pullback moves could find it tough to prevail past 38.2% Fibonacci retracement (Fibo.) of June-August upside and 200-DMA, respectively near 1.2590 and 1.2525.

Also keeping the buyers hopeful is the 50% and 61.8% Fibo. levels surrounding 1.2480 and 1.2365 in that order.

USD/CAD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.272
Today Daily Change	0.0030
Today Daily Change %	0.24%
Today daily open	1.269

Trends
Daily SMA20	1.2624
Daily SMA50	1.2563
Daily SMA100	1.2384
Daily SMA200	1.2528

Levels
Previous Daily High	1.2762
Previous Daily Low	1.2626
Previous Weekly High	1.2654
Previous Weekly Low	1.2494
Previous Monthly High	1.2949
Previous Monthly Low	1.2453
Daily Fibonacci 38.2%	1.271
Daily Fibonacci 61.8%	1.2678
Daily Pivot Point S1	1.2624
Daily Pivot Point S2	1.2557
Daily Pivot Point S3	1.2487
Daily Pivot Point R1	1.276
Daily Pivot Point R2	1.2829
Daily Pivot Point R3	1.2896

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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