USD/CAD Price Analysis: Stays on the way to 1.2610 resistance

• USD/CAD remains on the front foot, refreshes monthly top.
• Sustained trading beyond the key moving averages, support line back the bulls.
• RSI conditions raise doubts over further upside beyond the immediate hurdle.

USD/CAD rises to 1.2581, up 0.21% intraday, during early Monday morning in Asia. In doing so, the quote extends Friday’s run-up beyond 100-SMA amid firmer RSI.

A successful trading above 100 and 200-SMA, as well as a clear bounce off an ascending support line from late June, favor the quote’s further upside.

However, an 11-day-old horizontal area around 1.2600–2610 challenges the pair’s immediate advances. Also likely to test the north-run is the RSI line that inches closer to the overbought territory.

Should the USD/CAD prices rise past 1.2610, the 1.2670-75 and the 1.2730 may offer intermediate halts during the run-up to July’s top near 1.2810.

Meanwhile, a downside break of 100-SMA level of 1.2563 could recall the 1.2500 threshold back to the chart.

Though, USD/CAD weakness past 1.2500 will be challenged by 200-SMA and the previously stated support line from June 23, respectively around 1.2490 and 1.2455.

USD/CAD: Four-hour chart

Trend: Bullish