#USDCAD @ 1.30490 -imp levels: remains sidelined after refreshing five-week high, probes four-day uptrend.

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• USD/CAD remains sidelined after refreshing five-week high, probes four-day uptrend.
• Successful break of one-month-old ascending trend line, bullish MACD signals favor buyers.
• Bears stay off the table unless breaking 200-DMA support.

The pair currently trades last at 1.30490.

The previous day high was 1.3009 while the previous day low was 1.2943. The daily 38.2% Fib levels comes at 1.2984, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2968, expected to provide support.

USD/CAD remains sidelined around the monthly high surrounding mid-1.3000s as bulls take a breather after a four-day uptrend to the initial Asian session on Tuesday. Even so, the Loonie pair holds onto the previous day’s upside break of an ascending resistance line from July 25, now support near 1.3030.

In addition to the successful break of the monthly resistance line, bullish MACD signals also keep USD/CAD buyers hopeful.

However, multiple tops marked between early May and early July, around 1.3080-85, offer strong resistance to the bulls.

In a case where the quote rises past 1.3085, the 1.3135 mark may act as an intermediate halt before fueling prices the USD/CAD prices towards the yearly peak of 1.3223.

Alternatively, pullback remains elusive until the quote stays beyond the aforementioned resistance-turned-support near 1.3030. Also acting as an immediate downside filter is the 1.3000 psychological magnet.

It’s worth noting that multiple levels around 1.2935-30 and the 1.2800 threshold could lure USD/CAD bears past 1.3000. Even so, the pair sellers should remain cautious unless witnessing a clear break of the 200-DMA support of 1.2760.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDCAD currently trading at 1.3051 at the time of writing. Pair opened at 1.2995 and is trading with a change of 0.43% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.286, 50 SMA 1.2912, 100 SMA @ 1.282 and 200 SMA @ 1.2757.

The previous day high was 1.3009 while the previous day low was 1.2943. The daily 38.2% Fib levels comes at 1.2984, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2968, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.2956, 1.2917, 1.289
• Pivot resistance is noted at 1.3021, 1.3048, 1.3087

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