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WikiFX Express

Gold Steady Ahead of U.S. Fed Policy Decision

USD/CAD Price Analysis: Bounces off weekly low to defy pullback from key resistance

WikiFX

| 2021-01-27 10:15

Abstract：USD/CAD consolidates recent losses near the week’s low. Bullish MACD suggests another attempt to cross seven-week-old resistance line. 50-day SMA adds to the upside filter, bears have bumpy road below 1.2700.

USD/CAD rises to 1.2700 during Wednesday‘s Asian session. In doing so, the loonie pair takes a U-turn from the week’s bottom. However, the quote stays below a downward sloping trend line from November 11 while maintaining its pullback marked the previous day.

With the MACD signals flashing green light, USD/CAD is likely to again confront an 11-week-old resistance line, at 1.2737 now. Though, a 50-day SMA near 1.2805 adds to the upside filters.

Should the USD/CAD prices rise beyond 1.2805, the monthly high of 1.2835 and the late December top surrounding 1.2835-40 will be in the spotlight afterward.

Meanwhile, a horizontal area comprising multiple lows marked since January 06, between 1.2625-30, will act as immediate support during the USD/CAD pairs fresh downside.

Also acting as the key support will be the monthly low of 1.2589 as well as the April 2018 low near 1.2525.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

USDCAD；Bullish