USD/CAD takes the bids to the monthly high. Overbought RSI conditions, nearness to key resistances could limit further upside. Two-week-old rising trend line acts as nearby key support. Despite trading near the highest in nearly five weeks, USD/CAD is likely to find multiple resistances on the upside as it takes rounds to 1.3260 during Thursday’s pre-European session. Among them, a 200-day Simple Moving Average (SMA) level of 1.3280 will be the first one to question buyers, failing to which can escalate the pair’s rise to 1.3290/95 confluence comprising 50% Fibonacci retracement of May-July declines and a downward sloping trend-line since May-end. Should buyers ignore overbought conditions of 14-day Relative Strength Index (RSI) and dominate beyond 1.3300 round figures, another descending resistance line, from June 18, can question them near 1.3340. Meanwhile, a two-week-old rising support line, at 1.3205, acts as immediate support that holds the key to pair’s fresh declines targeting 23.6% Fibonacci retracement level of 1.3145. USD/CAD daily chart Trend: Pullback expected FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Royal Bank of Canada set to launch a cryptocurrency trading platform FX Street 3 years USD/CAD takes the bids to the monthly high. Overbought RSI conditions, nearness to key resistances could limit further upside. Two-week-old rising trend line acts as nearby key support. Despite trading near the highest in nearly five weeks, USD/CAD is likely to find multiple resistances on the upside as it takes rounds to 1.3260 during Thursday's pre-European session. Among them, a 200-day Simple Moving Average (SMA) level of 1.3280 will be the first one to question buyers, failing to which can escalate the pair's rise to 1.3290/95 confluence comprising 50% Fibonacci retracement of May-July declines and a downward sloping trend-line since… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
