While consolidating yesterday's losses, USD/CAD bulls flex muscles at 1.3240. Wednesday's European session is in its opening hour. Therefore, the Loonie pair rebounded from the 50-SMA.
Nevertheless, the quote appears to be recovering on the back of the upbeat RSI (14) line, which suggests further USD/CAD price advances. The pair may encounter immediate resistance at 1.3260, the lowest point since mid-June.
Following that, a three-week-old horizontal resistance area around 1.3275-80 and the 200-SMA surrounding 1.3360 can challenge the USD/CAD bulls before giving them control.
USD/CAD price would move rapidly toward 1.3180 if the 50-SMA was broken below 1.3215, at press time.
The psychological magnet of 1.3000 and the yearly low of 1.3115 will be in the spotlight if the Loonie breaks the 1.3180 support.
Nevertheless, the quote appears to be recovering on the back of the upbeat RSI (14) line, which suggests further USD/CAD price advances. The pair may encounter immediate resistance at 1.3260, the lowest point since mid-June.
Following that, a three-week-old horizontal resistance area around 1.3275-80 and the 200-SMA surrounding 1.3360 can challenge the USD/CAD bulls before giving them control.
USD/CAD price would move rapidly toward 1.3180 if the 50-SMA was broken below 1.3215, at press time.
The psychological magnet of 1.3000 and the yearly low of 1.3115 will be in the spotlight if the Loonie breaks the 1.3180 support.
