USD/CAD Price Analysis: Recovery moves eye 1

USD/CAD Price Analysis: Recovery moves eye 1.3030 resistance confluence

  • USD/CAD keeps Tuesday’s pullback from 13-day low, recently sideways near intraday high.
  • Bullish MACD favor recovery moves towards 100-HMA, weekly resistance line.
  • Monthly low can lure the bears below 1.2985.

USD/CAD wavers around 1.3020 amid Friday’s Asian session. Even if the quote struggles for a clear direction off-late, it holds the corrective recoveries from the 13-day low marked on Wednesday.

While bullish MACD backs the recently positive trading momentum, a joint of 100-HMA and a falling trend line from Monday around 1.3030 restricts the pair’s immediate upside.

In a case where the USD/CAD bulls manage to cross 1.3030, the weekly top surrounding 1.3110 will be on their radar. Though, Tuesday’s high of 1.3090 can act as an intermediate halt during the rise.

On the flip side, an immediate ascending trend line around 1.3015 and 1.3000 can restrict the pair’s short-term downside moves.

Also acting as the key support is the weekly low near 1.2985 that holds the gate for further south-run targeting the monthly trough near 1.2930.

USD/CAD hourly chart

USDCAD 27112020 637420355404551416

Further recovery expected

Credit: FX Street

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