Search ForexCrunch
  • USD/CAD stays on the front foot following its break of the one-month-old falling trend line, 10-day SMA.
  • MACD also turns the most bullish in seven weeks.
  • Sellers may wait for a daily close below 1.3040 for fresh entries.

USD/CAD takes the bids near 1.3140, up 0.10% on a day, as markets in Tokyo open for Friday’s trading. The Loonie pair marked the heaviest gains since late-June the previous day while closing beyond a downward sloping trend line from August 10 and 10-day SMA.

Also portraying the strength of the upside momentum could be the strongest MACD histogram since July 17.

Hence, buyers are targeting a 21-day SMA level of 1.3186 during the further upside ahead of confronting the 1.3240/45 resistance zone comprising the late-August tops.

In a case where the bulls keep the reins after 1.3245, odds of witnessing the July month’s low near 1.3330 back to the chart can’t be ruled out.

Alternatively, a daily closing below 10-day SMA, at 1.3119 now, can please sellers with the 1.3100 threshold.

However, the pair’s further downside will be questioned by 1.3050 and the latest multi-month low around 1.3000 psychological magnet.

USD/CAD daily chart

Trend: Bullish

 

Expert score

5

Etoro - Best For Beginner & Experts

  • 0% Commission and No stamp Duty
  • Regulated by US,UK & International Stock
  • Copy Successfull Traders
Your capital is at risk.