Technical Analysis: USDCAD buyers attack key resistance above 1.2750
While extending Friday’s corrective pullback near the lowest since April 2018, USDCAD probes one week high. However, a confluence of 200-SMA and a falling trend line from November 13, 2020, can challenge the bulls. Although MACD suggests further upside past-1.2790 resistance confluence, the 1.2800 round-figure and the monthly top near 1.2835 will add to the upside filters amid less supportive RSI conditions.
Meanwhile, 1.2730 and 1.2665 can offer immediate support during the pair’s fresh downside. However, the multi-month low flashed last week near 1.2625, followed by a descending trend line connecting lows marked since December 10, close to 1.2610, will test the USDCAD bears afterward. Overall, USDCAD remains a bearish trend but an upside clearance of 1.2800 can offer intermediate buying moves.