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- USD/CAD Price Analysis: Looks to tap the lower boundary of the Ascending Triangle pattern at 1.2630
USD/CAD Price Analysis: Looks to tap the lower boundary of the Ascending Triangle pattern at 1.2630
- A pullback likely near ascending triangle formation will contact sellers to take the charge.
- The 20- and 200-period EMAs have displayed a bear cross, which adds to the downside filters.
- The RSI (14) needs to tumble below 40.00 for validating a bearish setup.
The USD/CAD pair has witnessed a firmer upside move in the last three trading sessions, which has driven the asset near 1.2600 after hitting a low of 1.2403 on Tuesday. The asset has managed to close above the 20-period Exponential Moving Average (EMA) on Thursday, which is trading at 1.2570 and is near to the mighty 200-EMA.
On the daily scale, a pullback attempt by the greenback bulls has sent the asset near to the lower boundary of the ascending triangle formation whose horizontal resistance is placed from 20 August 2021 high at 1.2950 while the ascending trendline is plotted from June 2021 low at 1.2007.
A bear cross of 20- and 200-period EMAs adds to the downside filters. However, the Relative Strength Index (RSI) (14) has climbed above 40.00-60.00 area, which advocates consolidation.
Should the asset test the lower boundary of ascending triangle formation at 1.2630, pullback sellers may attack the asset and will send it towards the psychological support at 1.2500, followed by Tuesday’s low at 1.2403.
On the flip side, greenback bulls may regain strength if the asset overstep March 17 high at 1.2699, which will push the pair towards the March 16 high at 1.2778. Breach of the latter will drive the asset towards the March 14 high at 1.2827.
USD/CAD daily chart
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