#USDCAD @ 1.30330 -imp levels: takes the bids to extend Friday’s run-up towards one-week high.

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• USD/CAD takes the bids to extend Friday’s run-up towards one-week high.
• 3.5-month-old horizontal resistance area appears a tough nut to crack for bulls.
• Rising wedge raise doubts about bull’s dominance despite firmer oscillators.

The pair currently trades last at 1.30330.

The previous day high was 1.3043 while the previous day low was 1.2904. The daily 38.2% Fib levels comes at 1.299, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2957, expected to provide support.

USD/CAD remains on the front foot around 1.3050, extending Friday’s heavy gains towards a one-week high, as buyers cheer the previous day’s bounce off the 50-DMA during Monday’s initial Asian session.

The Loonie pair marked the biggest daily gains in more than a week on Friday after taking a U-turn from the 50-DMA support. The recovery moves also took clues from the firmer RSI and bullish MACD signals.

However, a horizontal area comprising multiple tops marked since May 12, around 1.3075-85, could challenge the USD/CAD bulls.

If not, then the upper line of the aforementioned three-week-old rising wedge near 1.3105 and the mid-July peak of 1.3135 could appear as intermediate halts during the run-up towards the yearly high near 1.3225.

On the contrary, pullback moves remain elusive until staying beyond the wedge’s support line, at 1.2940 by the press time.

Even if the USD/CAD declines below the 1.2940 support, the bears need confirmation from the 50-DMA support of 1.2920 to retake control.

Following that, the monthly low near 1.2730 and an upward sloping trend line from May, around 1.2690 will be in focus.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

USDCAD currently trading at 1.3049 at the time of writing. Pair opened at 1.3033 and is trading with a change of 0.12% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.2899, 50 SMA 1.2916, 100 SMA @ 1.2842 and 200 SMA @ 1.2767.

The previous day high was 1.3043 while the previous day low was 1.2904. The daily 38.2% Fib levels comes at 1.299, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2957, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.2944, 1.2854, 1.2804
• Pivot resistance is noted at 1.3083, 1.3133, 1.3223

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