USD/CAD Price Analysis: Consolidates near three-week high, around mid-1.3200s – by hareshmenghani USDCAD Technical Analysis Majors Currencies
Retreating Oil prices undermines the Loonie and lends support amid modest USD strength.USD/CAD
pair attracts some dip-buying near the 1.3240 area on Monday and touches a nearly three-week high during the Asian session. Spot prices, however, struggle to capitalize on the modest uptick and currently trade around the 1.3250 region, nearly unchanged for the day.prices edge lower as bulls opt to take some profits off the table following the recent rally to the highest level since April 19 touched on Friday.
From a technical perspective, any subsequent move up is more likely to remain capped near the 1.3300 strong horizontal support breakpoint, now turned resistance. The said handle now coincides with the 50-day Simple Moving Average and should act as a pivotal point. A sustained strength beyond might trigger a short-covering rally and lift the USD/CAD pair towards the 1.3360 hurdle en route to the monthly peak, around the 1.3385 region. Some follow-through beyond the 1.
On the flip side, the Asian session low, around the 1.3240 region, now seems to protect the immediate downside ahead of the 1.3200 mark. Failure to defend the said support levels will expose the 1.3160 intermediate support, below which the USD/CAD pair could slide back toward resting sub-1.3100 levels, or its lowest level since September 2022 touched earlier this month. Some follow-through selling has the potential to drag spot prices further towards the 1.
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