Bulls brace for another battle with 21-DMA ahead of Canada GDP, US inflation clues

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<ul>
<li><strong>USD/CAD picks up bids to refresh intraday high, reverses the previous day’s retreat from two-week top.</strong></li>
<li><strong>Sustained trading beyond 1.3200 support confluence, strongest bullish MACD signals in a month favor Loonie pair buyers.</strong></li>
<li><strong>21-DMA, previous support line will challenge bulls amid steady RSI.</strong></li>
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<p>USD/CAD renews its intraday high near 1.3265 as the US Dollar picks up bids amid the early hours of Friday’s European session.</p>
<p>In doing so, the Loonie pair reverses the previous day’s U-turn from the highest levels in a fortnight. It should be noted that the quote marked the failure to cross the 21-DMA hurdle.</p>
<p>Hence, the latest recovery eyes another battle with the stated immediate DMA hurdle surrounding 1.3280.</p>
<p>It’s worth observing that the steady RSI (14) line and the MACD indicator’s strongest bullish signals since late May underpin hopes of the USD/CAD pair’s advances past the 21-DMA resistance of 1.3280.</p>
<p>In that case, the previous support line stretched from early February, close to 1.3350 at the latest, will be crucial to watch.</p>
<p>Should the Loonie pair manage to stay firmer past 1.3350, the bulls will retake control.</p>
<p>On the contrary, a convergence of the 10-DMA and previous resistance line from June 05, close to the 1.3200 round figure, puts a floor under the USD/CAD price for intraday.</p>
<p>Following that, the yearly low marked on Tuesday around 1.3115 and the 1.3000 round figure will be in the spotlight.</p>
<p>While the technical details are mostly favoring the <a href="https://www.fxstreet.com/currencies/usdcad">Loonie</a> pair buyers, it all depends upon today’s US Core Personal Consumption Expenditure (PCE) Price Index for May, also known as the Federal Reserve’s (Fed) favorite inflation gauge.</p>
<p>Also read: <a href="https://www.fxstreet.com/analysis/us-pce-preview-three-ways-this-inflation-gauge-impacts-your-income-and-summer-plans-202306291114" target="_blank" rel="noopener">US PCE Preview: Three ways this inflation gauge impacts your income and summer plans</a></p>
<h2>USD/CAD: Daily chart</h2>
<p><a href="https://editorial.fxstreet.com/miscelaneous/USD_CAD-30062023-638237050317018718.png" target="_blank" rel="noopener"><img decoding="async" src="https://editorial.fxstreet.com/miscelaneous/USD_CAD-30062023-638237050317018718.png" style="width: 600px; height: 261px;" /></a></p>
<p>Trend: Limited upside expected</p>
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<br /><a href="https://www.fxstreet.com/news/usd-cad-price-analysis-bulls-brace-for-another-battle-with-21-dma-ahead-of-canada-gdp-us-inflation-clues-202306300658">Source link </a></p><p>The post <a href="https://forextraderhub.com/bulls-brace-for-another-battle-with-21-dma-ahead-of-canada-gdp-us-inflation-clues.html">Bulls brace for another battle with 21-DMA ahead of Canada GDP, US inflation clues</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>