USD/CAD Price Analysis: Defensive above 50-SMA, two-week-old support line

  • USD/CAD struggles to extend bounce off key supports.
  • Weekly horizontal resistance guards immediate upside amid steady RSI.
  • Further losses envisioned amid hesitant recovery, bumpy road to the north.

USD/CAD picks up bids to 1.2325 amid a quiet Asian session on Friday. In doing so, the major currency pair defends the previous day’s bounce off 50-SMA and an ascending support line from June 11 amid a steady RSI line.

However, the quote’s failure to cross the immediate hurdle, a weekly horizontal line near 1.2345, followed by multiple resistances to the north, keeps USD/CAD buyers worried.

Hence, the pair sellers keep searching for the clues to fresh entries and can cheer a downside break of 1.2295 by targeting the mid-June tops near the 1.2200 threshold.

It’s worth noting that the monthly horizontal region surrounding 1.2130-20 could test the USD/CAD bears past 1.2200.

Meanwhile, an upside clearance of 1.2345 isn’t a green pass to the USD/CAD bulls as multiple stops around 1.2390 and 1.2430 can challenge the run-up ahead of the monthly peak near 1.2390.

USD/CAD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 1.2323
Today Daily Change 0.0000
Today Daily Change % 0.00%
Today daily open 1.2323

 

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