- USD/CAD wobbles inside the mid-1.3100 area, keeps an upside break of monthly falling trend line.
- 100, 200-SMAs guard immediate upside amid bullish MACD.
After refreshing the one week top with a one-pip uptick to 1.3150, USD/CAD wavers around 1.3140/45 during Friday’s Asian session. Even so, the loonie pair keeps the previous day’s break of a downward sloping resistance line from November 01 amid bullish MACD.
This pushes the USD/CAD buyers to battles with the 100-SMA, at 1.3156 now, while eyeing the 200-SMA level of 1.3186 as the next resistance before probing the 1.3200 threshold.
During the quote’s sustained rise past-1.3200, November 04 high near 1.3300 and the current month’s peak of 1.3370 will gain the market’s attention.
On the contrary, USD/CAD sellers will wait for a clear downside break below the previous resistance line, presently around 1.3075, for fresh entries.
It should, however, be noted that the one-week-long horizontal line close to 1.3025 can challenge the declines below 1.3075 ahead of directing them to the 1.3000 psychological magnet and the month’s bottom of 1.2928.
USD/CAD four-hour chart
Trend: Further recovery expected
