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- USD/CAD Price Analysis: Grinds higher past 1.3500 within bear flag
USD/CAD Price Analysis: Grinds higher past 1.3500 within bear flag
- USD/CAD struggles to defend the first daily loss in five inside a bearish chart formation.
- Sustained trading beyond 50-SMA, firmer oscillators prod bears.
- 200-SMA appears crucial hurdle for Loonie pair buyers.
USD/CAD picks up bids to pare intraday losses around 1.3510, after snapping four-day uptrend earlier in Asia. In doing so, the Loonie pair bounces off the 50-bar Simple Moving Average (SMA) but stays within a two-week-old bear flag chart formation.
That said, the bullish MACD signals and the firmer RSI (14), not overbought, suggest the USD/CAD pair’s further upside towards challenging the stated bearish chart pattern, by poking the flag’s top line of near 1.3545 by the press time.
However, the quote’s further upside hinges on its ability to stay beyond 1.3545, as well as successful trading beyond the 200-SMA resistance of 1.3635.
In that case, the USD/CAD bulls can aim for the late September highs of around 1.3800 before targeting the previous monthly peak of 1.3861.
Meanwhile, the Loonie pair’s downside break of the 50-SMA, around 1.3500 by the press time, could recall the bears. Though, the sellers must conquer the 1.3485 key support, comprising the lower line of the stated flag, to retake control.
Following that, the latest bottom surrounding 1.3400 may act as an intermediate halt during the theoretical fall targeting 1.3100.
It should be noted that the lows marked in February, close to 1.3260, may act as an extra filter towards the south.
USD/CAD: Four-hour chart
Trend: Limited upside expected
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