USD/CAD Price Analysis: Greenback grinding up against Canadian dollar, eyeing 1.3092 resistance

 

 

 

USD/CAD is regaining some strength after hitting the 1.2900 figure at the start of the month. However, the currency pair is still trading below the main daily simple moving averages (SMAs), suggesting an overall bearish bias.

 

 

USD/CAD is grinding up above the 50/100 SMAs as bulls want to break the 1.3092 resistance. A daily close above this level can lead to further gains towards the 1.3142 level, according to the Technical Confluences Indicator. Support is seen near the 1.3060, 1.3042 and 1.3030 levels.