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USDCAD Prints Positive Move To New 8-Month High

USDCAD posted an aggressive rally on Thursday, jumping above the 1.2810 barrier and printing a new eight-month high of 1.2920.

The MACD oscillator is going up above its trigger line, while the RSI is moving into overbought territory. The Ichimoku lines are rising higher, and so are the 20- and 40-day simple moving averages (SMAs), of which the former has crossed to the upside of the 200-day SMA.

Taking the previous high as a reference point, a subsequent push up might take the price as far as 1.2950. The 1.3175 mark, if overcome, might put a halt to bullish moves ahead of the 1.3415 barrier.

Alternatively, a decline below the SMAs might lead to a test of the 1.2420 support before falling to the 1.2200 area. There is a chance that more losses might push the bears down to 1.2012, which is the six-year low.

Overall, USDCAD is rising steadily, marking the sixth straight day of gains following the comeback from the 1.2012 support level. The short-term forecast is optimistic, while the medium-term outlook is neutral.