USD/CAD Price Analysis: Bulls consolidate below 1.2120

USD/CAD seesaws within the European trading session.
Bulls continue the trouble to scale above 1.2120.
The momentum oscillator holds onto a positive trajectory.
The USD/CAD pair moves back-forth on Thursday within the European trading hours. The pair continues to consolidate below the 1.2120 marks. As of writing, USD/CAD trades at 1.2113, up 0.03% for the day.

USD/CAD 4-hour chart

On the 4-hour chart, the USD/CAD pair has been occupation a broader upside trading channel, while consolidating near the 1.2120 area. The ascending channel extends from the lows of 1.2007.

The pair seeks more upside if the worth decisively breaks the session’s high at 1.2123. USD/CAD bulls then aim for the 1.2140 horizontal resistance level. The 1.2140 level may be a key psychological mark with multiple top formations, which makes it a critical level to trade.

The Moving Average Convergence Divergence (MACD) indicator reads above the midline with a bullish crossover. Any uptick within the MACD would prompt USD bulls to flex their muscle toward the amount last seen in April.

The next hurdle might be located at the 1.2160 horizontal resistance level followed by the Pan American Day high within the vicinity of the 1.2180 area.

Alternatively, if the worth moves lower, then it might be traced back to the 1.2100 and 1.2080 horizontal support levels.

Market participants would then attempt to retest the low of June 7 at 1.2057.


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