Technical Analysis

USD/CAD rises to session excessive as consumers look to recapture near-term bullish bias

USD/CAD touches a excessive of 1.3213 on the day

USD/CAD H1 26-02

Of be aware, consumers at the moment are making an attempt a transfer to attempt to break above the near-term trendline resistance in addition to the 200-hour MA (blue line) @ 1.3216. A break of the latter will see consumers regain near-term management of the pair and look in the direction of resistance round 1.3245-50 subsequent earlier than the 100-day MA comes alongside @ 1.3260.

Within the greater image:

USD/CAD D1 26-02

Worth stays supported by the important thing rising trendline since February final yr. As consumers defended the extent yesterday, value climbed again above the 200-day MA (blue line) and is now trying to contest the 100-day MA @ 1.3160 once more.

I’d nonetheless anticipate sellers to prevail as we transfer again in the direction of the 100-day MA with resistance simply above 1.3300 nonetheless holding agency, however you need to surprise about exhaustion following a number of makes an attempt to interrupt under the important thing trendline assist now. The important thing right here shall be to be careful for the following course in oil costs and we’ll get extra affirmation of that within the coming weeks as we transfer nearer in the direction of the OPEC+ conferences.

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