Market News

USD/CAD Price Analysis: Strong resistance near 1.2750 keeps buyers nervous

single-image
img-ads

USD/CAD stays forced close to 1.2750 in the Asian session on Thursday.
Additional good points expected for pair if charge breaks 1.2750.
The momentum oscillator holds onto the overbought quarter with a impartial stance.
USD/CAD trades with a cautious tone on Thursday in the early Asian buying and selling hours. The pair confides in a slim exchange band with no significant traction. At the time of writing, USD/CAD is buying and selling at 1.2746, down 0.06% for the day.
On the every day chart, USD/CAD has been consolidating in the vary of 1.2600 and 1.2750 for the previous three-month. The descending trendline from the excessive of 1.2949 made on August 20 acts as a sturdy barrier for the bulls. If the charge sustains under the session’s low, it ought to document a further fall towards the psychological 1.2700 mark.

Furthermore, a day by day shut under the noted degree would open the gates for the 1.2650 horizontal aid degree accompanied through the low made on Tuesday at 1.2593.

Alternatively, the Moving Average Convergence Divergence(MACD) indicator holds onto the overbought area with a impartial outlook. Any uptick in the MACD would set off shopping for strain for the pair. In that case, the upside ambitions would emerge at the 1.2800 and the 1.2850 horizontal resistance zones. Furthermore, a profitable wreck of the bearish sloping line may want to imply the opportunity of the 1.2900 horizontal resistance level.

img-ads

Leave a Comment

Your email address will not be published.

You may also like