USD/CAD Price Analysis: Bulls approach weekly resistance above 1.3000

• USD/CAD stays firmer above a short-term support line, up for the second consecutive day.
• Successful bounce off 50-HMA, firmer RSI also keeps buyers hopeful.
• A two-month-old ascending resistance line appears the key hurdle for the bulls.

USD/CAD picks up bids to 1.3020 while extending the previous day’s run-up during Tuesday’s Asian session.

The Loonie pair’s latest uptrend could be linked to the quote’s ability to stay beyond the 50-HMA and a three-day-old upward sloping support line. Also keeping the buyers hopeful is the ascending RSI (14).

That said, the USD/CAD prices currently aim for a downward sloping resistance line from July 05, around 1.3050, a break of which could propel the quote towards the monthly high of 1.3083.

It’s worth noting, however, that an ascending resistance line from May 12, close to 1.3090 by the press time, will precede the 1.3100 psychological magnet to challenge the bulls afterward.

Meanwhile, pullback moves may initially battle the nearby support line, around 1.2995, before retesting the 50-HMA support level surrounding 1.2985.

In a case where the USD/CAD prices remain weak past 1.2985, the 200-HMA level of 1.2953 will act as the last defense of the pair buyers before directing the sellers towards the late June’s low around 1.2820.

USD/CAD: Hourly chart

Trend: Further upside expected