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7 Sep 2020

USD/CAD Price Analysis: 1.3105 guards immediate upside

  • USD/CAD keeps late Friday's recovery moves from 1.3044 towards 1.3100.
  • A confluence of 200-hour EMA, ascending trend line from September 01 questions immediate upside.
  • Sellers have a bumpy road ahead of the monthly low near 1.2994.

USD/CAD rises to 1.3075 during the pre-Tokyo open trading on Monday. In doing so, the loonie pair extends its pullback moves from 1.3044 while trying to defy Friday’s break of the one-week-old ascending trend line.

However, 200-hour EMA joins the previous support line around 1.3105 to challenges the bulls targeting 1.3140 and the monthly top surrounding 1.3160.

Given the pair’s ability to cross 1.3160, 1.3200 and multiple resistances around 1.3240/45 can lure the buyers.

Meanwhile, 1.3045, 1.3037 and the monthly bottom close to 1.2995 remain on the sellers’ radar for the time being.

In a case where the quote declines below 1.2995, the yearly low of 1.2957 will be the key to watch.

USD/CAD hourly chart

Trend: Bearish

 

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