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USD/CAD Price Analysis: Bulls Target Annual High at 1.2965

Alina Haynes

May 09, 2022 10:23

During Monday's Asian session, USD/CAD extends the previous week's bounce from 1.2813 by rising to a new high of 2022. In spite of this, the Loonie pair is up 0.20 percent at 1.2931 as of press time.

 

A successful breach of the horizontal area including numerous tops marked since September 2021, about 1.2895, gives USD/CAD buyers reason to be optimistic. The lack of overbought RSI readings further supports the rising momentum.

 

Consequently, the most recent run-up has additional capacity to the north before hitting a speed-breaker, which is the December 2021 high at 1.2965.

 

The USD/CAD bulls will be encouraged by a rising trend line from August 2021, near 1.2985, which will precede the psychological level of 1.3000.

 

In the meanwhile, pullbacks may initially target the previous horizontal resistance, which is now support around 1.2895, prior to testing the upwardly sloping support line from April 21 near 1.2760.

 

Even if the USD/CAD price falls below 1.2760, bears can wait for a clear break below the 100-day moving average (DMA) at 1.2682 to gain conviction.

USD/CAD

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