Technical Analysis – USDCAD eyes critical resistance border

USDCAD is extending a one-and-a-half-month ascent above the Ichimoku cloud and towards the resistance ceiling of 1.2880-1.2955, which started to take shape around the later part of December 2020. The simple moving averages (SMAs) are currently not sponsoring a definitive trend in the pair.

The climbing Ichimoku lines are indicating a predominant bullish drive, while the short-term oscillators are conveying an upside preference in the pair. The MACD, some distance above zero, is improving above its red trigger line, while the stochastic oscillator’s %K line has climbed into overbought territory. The RSI is sustaining a bullish bearing but presently is flirting with the 70 threshold.

Maintaining its current trajectory, the price could initially combat the reinforced 1.2880-1.2955 resistance barrier. Should this critical boundary fail to limit additional gains from unfolding, buyers could then tackle the 1.3031 border before navigating towards the mid-November 2020 highs of 1.3112 and 1.3172 respectively.

Otherwise, if sellers resurface and steer the price beneath yesterday’s low of 1.2777, prompt support could arise around the red Tenkan-sen line at 1.2739 and the adjacent 1.2713 low. Retracing further, the pair may meet the 1.2640 obstacle before facing a tough zone of support between the 1.2600 handle and the 50-day SMA at 1.2530. In the event the price manages to dive past this key zone, overlapped by a potential diagonal support pulled from the eight-week low of 1.2287, sellers may then challenge the 200-day SMA at 1.2470 before pursuing the 1.2377-1.2431 support band.

Summarizing, USDCAD is currently sustaining a bullish tone and a thrust beyond the crucial 1.2880-1.2955 resistance boundary could boost the bullish bias in the longer-term picture. Otherwise, credence will be given to the formation of a medium-term trading range between the 1.2251-1.2308 floor and 1.2880-1.2955 ceiling.

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