USD/CAD bulls appear to be retreating from Wednesday’s higher closing as the pair currently trades 0.04% lower to 1.2606. The 1.2635 has turned out to be a stiff resistance area while other resistances are present at 1.2655 and 1.2688. The near-term support levels are at 1.2574 and 1.2558.
On the 4-hourly chart, a bullish moving average crossover is present but the bulls haven’t been able to benefit from it. On the intraday scale, the pair has retreated from the SMA-50 resistance line (1.2623) while the SMA-14 support line is at 1.2575. The RSI is near the neutral zone and the pair is above the mid-Bollinger band. The current price pattern suggests a narrow trading range, however considering the SMA-50 resistance and the ongoing weakness in the USD the pair is good to sell on an intraday basis. A decent selling would be at or near 1.2620 with a target of 50 to 60 pips and a stop-loss at 1.2655.
The pair is like to move in the range of 1.2640 and 1.2555 and only a breach above or below these levels would set a clear future direction.
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