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- USD/CAD Price Analysis: Bounces off yearly support to regain 1.2550
USD/CAD Price Analysis: Bounces off yearly support to regain 1.2550
- USD/CAD recovers from seven-week low during the second consecutive monthly fall.
- RSI hints at gradual weakness in bearish bias but 1.2660-70 appears tough nut to crack for buyers.
- Ascending trend line from October 2021 adds to the downside filters.
USD/CAD rebounds from the lowest levels since late April, picking up bids near 1.2550 during early Wednesday morning in Europe.
In doing so, the Loonie pair takes a U-turn from a one-year-old ascending support line. Also keeping the pair buyers hopeful is the downbeat RSI (14) line suggesting a weaker bearish momentum since the quote refreshed its yearly top during early May.
That said, the pair’s latest recovery moves may aim for the weekly top surrounding 1.2620.
However, a convergence of the 200-DMA, descending trend line from May 12 and 50% Fibonacci retracement (Fibo.) of June 2021 to May 2022 upside, around 1.2660-70, becomes crucial resistance for the bulls to cross to retake control.
On the contrary, a downside break of the immediate support line, at 1.2520 by the press time, will have another filter to the south, namely an ascending trend line from October 2021, around 1.2490.
Should the USD/CAD prices drop below 1.2490, the odds of the pair’s south-run towards the yearly lows marked in April around 1.2400 can’t be rejected.
USD/CAD: Daily chart
Trend: Further recovery expected
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