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7 Sep 2020

USD/CAD Price Analysis: Upside seems capped near descending channel resistance

  • A combination of factors assisted USD/CAD to regain positive traction on Monday.
  • Bulls seemed struggling to find acceptance above the 1.3100 round-figure mark.
  • Move beyond a descending channel resistance needed to confirm any further gains.

The USD/CAD pair caught some fresh bids on the first day of a new trading week and recovered a major part of the previous day's negative move. The momentum was sponsored by a goodish pickup in the US dollar demand and the ongoing pullback in oil prices, which tend to undermine the commodity-linked loonie.

Despite the supporting factors, the pair struggled to find acceptance above the 1.3100 round-figure mark. Any subsequent positive move is likely to confront stiff resistance near the top end of a short-term descending channel, extending from late July. The mentioned barrier is pegged near the 1.3135 region.

A convincing breakthrough will be seen as a fresh trigger for bullish traders and assist the pair to build on last week's recovery move from sub-1.3000 levels, or multi-month lows. The momentum could then push the pair further towards the 1.3200 mark en-route the next major hurdle near the 1.3230-40 supply zone.

Meanwhile, technical indicators on the daily chart – though have been recovering from the negative territory – are yet to confirm any near-term bullish bias. This makes it prudent to wait for some strong follow-through buying before traders start positioning for any further near-term appreciating move.

On the flip side, the 1.3060-55 area now seems to protect the immediate downside, which if broken will set the stage for the resumption of the prior/well-established bearish trend. The pair might then turn vulnerable to weaken further below the key 1.3000 psychological mark and aim towards challenging the trend-channel support.

USD/CAD 4-hourly chart

fxsoriginal

Technical levels to watch

 

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