The USD/CAD currency pair halts its gains from the previous two days and books minute losses.
Bulls are up against significant resistance near the 100-day SMA.
The MACD indicator suggests that the price is holding onto the overbought zone, indicating a price correction.
The USD/CAD pair is trading lower in the European trading session on Wednesday. The pair trades in a tight trading range with a negative bias.
The USD/CAD currency pair is currently trading at 1.2385, down 0.13 percent on the day.
The USD/CAD pair is consolidating near the 1.2300 line on the daily chart after retreating from the multi-month high of 1.2487. The USD/CAD has been extending its gains over the previous two sessions.
Price will advance toward the 1.2445 horizontal resistance level if it breaks the session’s high at 1.2404.
With a bullish crossover, the Moving Average Convergence Divergence (MACD) indicator is safely above the midline. Bulls in the USD/CAD would then target the 1.2534 high from April 22, as well as the 1.2560 horizontal resistance level.
If price remains below the session’s low of 1.2384, first support might be found around the 1.2320 horizontal support level, followed by the June 28 low of 1.2287.
The next point of support was at 1.2260, which was a horizontal support level.
Continue reading
