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USD/CAD Above $1,3000, Bulls are running out of steam, according to a price analysis

Alina Haynes

May 11, 2022 10:13

During Wednesday's Asian session, USD/CAD bulls take a pause around the 18-month high, remaining stable around 1.3030.

 

The current inactivity between the Canadian dollar and the US dollar explores the four-day rise that brought the pair to its best levels since November 2020.

 

Nevertheless, the overbought RSI (14) prevents USD/CAD bulls from surpassing a one-month-old rising trend line resistance, which stands around 1.3045 as of press time.

 

If the quote disregards technicals and rallies past 1.3045, it cannot be ruled out that it will test the mid-November 2020 peak around 1.3175.

 

In the meantime, a one-week-long rising trend line, about 1.3015 at the latest, precedes the psychological magnet at 1.3000 to limit the near-term decline in USD/CAD prices.

 

In the vicinity of 1.2875 and 1.2815, the 50-day simple moving average (SMA) and an upward-sloping trend line from April 21 also serve as significant short-term support.

 

Notably, the 200-day simple moving average (SMA) level surrounding 1.2660 functions as the last line of defense for USD/CAD bulls if the pair descends beyond 1.2815.

USD/CAD

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