- USD / CAD makes slight gains after breaking weekly downtrend line.
- An RSI in the positive zone encourages the bulls, but a clear rally above the immediate range is necessary.
- The bears can target the 2018 low as long as an upside breakout of 1.2385 is not achieved.
USD / CAD is moving higher at the start of the European session on Tuesday and is approaching the 1.2300 level, still within the range of the previous day.
In doing so, the pair is marking a small recovery move after breaking a downtrend line since April 23.
Although bullish RSI conditions support short-term USD / CAD buyers, the pair is still within a four-day range between 1.2266 and 1.2322.
The 1.2378-84 region, where the 200 hourly SMA and April 26 low are located, also acts as a bullish resistance zone.
If the sellers regain control and push the pair back below the broken trend line near the e 1.2280 level, they could once again target the recent low near 1.2265.
A USD / CAD slide below 1.2265 could target the 2018 low of 1.2248 before directing bears towards the late 2017 low near 1.2060.
USD / CAD chart and 1 hour
USD / CAD technical levels
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