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10 Sep 2020

USD/CAD Price Analysis: Recovers from 1.3140 support confluence

  • USD/CAD picks up bids after stepping back from three-week top the previous day.
  • 100-HMA and multiple trend lines challenge sellers around 1.3140.
  • Bearish MACD warrants buyers to wait for confirmation.

USD/CAD rises to 1.3161, up 0.12% on a day, during the early Thursday. The loonie pair recently bounced off a joint of 100-HMA, an ascending trend line from September 04 and a horizontal are comprising multiple highs marked since September 03.

While the pullback from the key support suggests the pair’s further recovery, bearish MACD probes the bulls to wait for a clear break of 1.3200 before taking any major positions.

It’s worth mentioning that 1.3260 and July month’s low near 1.3330 could lure the optimists after 1.3200.

On the flip side, 200-HMA and 61.8% Fibonacci retracement of September 01-09 upside, respectively around 1.3100 and 1.3095, can question the pair’s downside past-1.3140.

Also acting as the key downside supports are 1.3040, the 1.3000 threshold and the monthly low of 1.2994.

USD/CAD hourly chart

Trend: Further recovery expected

 

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