USD/CAD PRICE ANALYSIS: LOOKS SET TO RETEST 200-SMA SUPPORT ABOVE 1.2100

  • USD/CAD remains pressured, extends Friday’s pullback from monthly top.
  • Firmer RSI, two-week-old ascending support line keeps buyers hopeful.

USD/CAD fades late Monday’s bounce off 1.2128 amid Tuesday’s sluggish Asian session. In doing so, the Loonie pair drops to the intraday low of 1.2137, down 0.05%, during the two-day pullback from the monthly high, flashed on Friday.

It should, however, be noted that upbeat RSI conditions and the quote’s ability to keep Friday’s 200-SMA breakout back the USD/CAD until the quote stays beyond 1.2122.

Also up for challenging the pair sellers is an ascending support line from June 01, around 1.2090.

Hence, the quote’s latest pullback won’t be considered serious unless breaking 1.2090 support.

Though, USD/CAD bulls need a sustained break of 1.2150 to once aim for one-month-old horizontal resistance surrounding 1.2180.

In a case where the pair rises past-1.2180, the 1.2200 threshold and the mid-May high near 1.2205 may test the upside momentum before accelerating the run-up towards April’s low near 1.2265.

USD/CAD FOUR-HOUR CHART



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