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USDCAD posts gains near 1.3500 and ahead of crucial resistance

ByXM Group
AuthorTrading Point
Published 02/17/2023, 04:34 AM
Updated 02/07/2024, 09:30 AM
USDCAD has been overperforming over the last three days and is currently hitting the medium-term descending trend line of the symmetrical triangle

. The pair surpassed above the 20- and 50-day simple moving averages (SMAs) with the next obstacle coming from the 1.3520 resistance level. The RSI is heading north above the neutral threshold of 50, while the MACD is moving sideways above its trigger line and below the zero level.

To the upside, there is immediate resistance just above the downtrend line at 1.3520, while even higher, the next major resistance levels to watch are the 1.3700 and 1.3800 psychological marks.

Should prices reverse lower, immediate support could come from the 50- and the 20-day SMAs at 1.3470 and 1.3380 respectively. Below that, the 1.3260-1.3225 support region, which encapsulates the 200-day SMA, are major hurdles to have in mind. A drop below this area would take the pair closer to a bearish structure, meeting 1.2950.

All in all, USDCAD is still in a declining mode until the market breaks the 1.3250 resistance level and shows more positive signs. 
USDCAD

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