USD/CAD Price Analysis: Bulls challenge 100-day SMA near 1.2400

• USD/CAD stalls the previous two day’s gains and book minute losses.
• Bulls face a  strong resistance near the 100-day SMA.
• MACD indicates holds onto overbought zone signals some price correction.

USD/CAD pair edges lower on Wednesday in the European trading session. The pair moves in a very narrow trading band with negative bias.

At the time of writing, USD/CAD is trading at 1.2385, down 0.13% for the day.

USD/CAD daily chart

On the daily chart, after retreating from the multi-month high of 1.2487, the USD/CAD pair consolidates near the 1.2300 mark. USD/CAD is extending the gains for the last two sessions.

If price breaks the session’s high at 1.2404, then it would move toward the 1.2445 horizontal resistance level.

The Moving Average Convergence Divergence (MACD) indicator reads comfortably above the midline with a bullish crossover. USD/CAD bulls would then aim to test April 22 high at 1.2534, followed by the 1.2560 horizontal resistance level.

Alternatively, if price sustains below the session’s low at 1.2384, then the first support could be seen at the 1.2320 horizontal support level, followed by the low of June 28 at 1.2287.

The next area of support navigated toward the 1.2260 horizontal support level.

USD/CAD additional levels