- USD / CAD is stable at the start of the European session.
- The bulls maintain the effort to climb above 1.2120.
- The momentum oscillator maintains a positive trajectory.
The USD / CAD pair is largely unchanged on the day, consolidating just below the 1.2120 level at the start of the European session on Thursday.
On the 4-hour chart, the USD / CAD has been moving within a wider bullish channel, as it consolidates near the 1.2120 area. The ascending channel extends from the lows of 1.2007.
The pair will look for a further rise if the price decisively breaks the daily high at 1.2123. Higher up, the USD / CAD bulls are targeting the horizontal resistance level of 1.2140. That level is key and has limited several advancements recently, making it a critical level to operate.
The MACD indicator is above the midline with a bullish crossover. Therefore, any increase in momentum could push USD / CAD towards levels last seen in April.
The next hurdle could be located at the horizontal resistance level of 1.2160 followed by the April 14 high near the 1.2180 area.
On the other hand, if the price moves lower, then it could target the horizontal support levels 1.2100 and 1.2080.
Lower down, market participants would attempt to retest the June 7 low at 1.2057.
USD / CAD 4-hour chart
USD / CAD technical levels