USD/CAD Price Analysis: Loonie bears seek acceptance from 1.3250 key hurdle
- USD/CAD extends week-start rebound from yearly low, renews intraday top of late.
- Convergence of 100-HMA, previous support line guards immediate recovery.
- Loonie pair sellers need validation from resistance-turned-support line.
- Triangle breakout, bullish MACD signals favor intraday buyers of USD/CAD.
USD/CAD refreshes intraday high near 1.3235 as it extends the previous day’s rebound from the nine-month low heading into Tuesday’s European session.
In doing so, the Loonie pair justifies the triangle breakout, as well as the bullish MACD signals.
However, a joint of the 100-Hour Moving Average (HMA) and previous support line stretched from June 07, around 1.3250, appears a short-term key hurdle for the Loonie pair buyers.
Should the quote manage to cross the 1.3250 resistance confluence, the 200-HMA level of around 1.3300 will act as the final defense of the USD/CAD bears before giving control to the bulls.
In that case, the mid-June swing high of around 1.3385 and the monthly peak of 1.3585 will be in the spotlight.
On the contrary, the top line of the immediate triangle puts a floor under the USD/CAD price near 1.3215.
Following that, the stated triangle’s bottom low and the latest trough, respectively near 1.3200 and 1.3175, will challenge the USD/CAD sellers ahead of directing them to the September 2022 bottom of around 1.2955.
USD/CAD: Hourly chart
Trend: Limited upside expected