USDCAD Bulls Contest Concrete Bearish Bias

USDCAD is heading towards the 100-period simple moving average (SMA), following an impressive performance after a stable foothold at the multi-year low of 1.2364, which extended above the 50-period SMA and is moving higher in the Ichimoku cloud. The Ichimoku lines are backing positive price action, while the guiding SMAs are conveying a reigning bearish structure.

Currently, the short-term oscillators are suggesting growing positive movement ahead of tough upside obstacles. The MACD, in the positive region, is climbing above its red trigger line, while the RSI is advancing in bullish territory. The stochastic oscillator is endorsing the pair’s improvements as the %K and %D lines are rising above the 80 levels.

If the upwards trajectory persists, buyers could face significant upside limitations from the nearby 100-period SMA at 1.2567 and the adjacent resistance section of 1.2572-1.2592 – which also contains the cloud’s upper frontier. In the event the bulls conquer this crucial border, the next resistance could develop within the zone from the 1.2608 high until the 200-period SMA at 1.2618. Should buyers’ profound efforts breach the above-mentioned key boundaries, this could instill confidence in the rally for a test of the 1.2663 high.

Otherwise, if the pair starts to stall ahead of the 100-period SMA at 1.2567, the climb may become vulnerable. This could result in initial downside friction from the red Tenkan-sen line at 1.2516 and the 50-period SMA at 1.2487, as sellers eye the critical support area of 1.2461-1.2473. Crushing this base could plunge the pair towards the 1.2420 barriers before sellers aim for the 1.2364-1.2376 floor.

Concluding, USDCAD is staging a bullish tone, although should it fail to overcome the 1.2572-1.2592 heavy zone, the overwhelming bearish bias could reinforce its dominance.

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