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9 Mar 2023

USD/CAD Price Analysis: Bulls run out of steam near 1.3830 hurdle

  • USD/CAD struggles to extend three-day uptrend near five-month-old horizontal resistance.
  • Overbought RSI (14) questions the Loonie pair’s further upside targeting 2022 peak.
  • Bears have a bumpy road ahead, 1.3700 restricts immediate declines.

USD/CAD makes rounds to 1.3800 as bulls take a breather near the highest levels since late October 2022 during early Thursday.

The Loonie pair’s latest inaction could be linked to the overbought RSI (14) conditions, as well as the quote’s failure to cross the key horizontal resistance zone established during late September.

The pullback moves, however, remain elusive as multiple tops marked during the last December challenge the USD/CAD bears around 1.3700.

Following that, an upward-sloping support line from February 14, close to 1.3640 by the press time, will be important to watch for the pair sellers.

Should the quote remains bearish past 1.3640, the 100-dMA level surrounding 1.3500 will act as the last defense of the USD/CAD buyers.

It’s worth noting that the previous weekly low surrounding 1.3555 acts as an intermediate halt between 1.3640 and 1.3500.

Alternatively, a successful upside break of the 1.3810-30 resistance region could quickly propel the USD/CAD price towards the year 2022 peak of near 1.3980. That said, the mid-October 2022 high near 1.3890 may act as a buffer during the Loonie pair’s run-up targeting to refresh the multi-month high marked in late 2022.

Overall, USD/CAD remains on the buyer’s radar even if the pair’s further upside appears limited of late.

USD/CAD: Daily chart

Trend: Pullback expected

 

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