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- USDCAD Price Analysis: Struggles between fortnight-old resistance line and 1.3220 support confluence
USDCAD Price Analysis: Struggles between fortnight-old resistance line and 1.3220 support confluence
- USDCAD licks its wounds at the lowest levels in two months, pressured near multi-day low of late.
- Convergence of 100-DMA, four-month-old horizontal support challenge bears.
- A two-week-long descending trend line restricts recovery moves.
- Bearish MACD signals, failure to rebound from the key support area keep bears hopeful.
USDCAD holds lower grounds around 1.3280, fading the bounce off a two-month low amid Wednesday’s initial Asian session.
Not only the USDCAD pair’s failure to defend the recovery from the 1.3220-30 support zone but bearish MACD signals and a two-week-old descending trend line also favor the Loonie pair sellers.
That said, a clear downside break of the 1.3220 mark could quickly direct USDCAD towards an upward-sloping trend line from early June, around 1.3050 by the press time.
It’s worth noting that the USDCAD weakness past 1.3050 will be restricted by the 1.3000 psychological magnet and 200-DMA support level near 1.2990.
Alternatively, an upside clearance of the aforementioned short-term resistance line, around 1.3380 by the press time, could renew the USDCAD buying.
Even so, lows marked during October, around 1.3495-3505, appear tough nut to crack for the USDCAD bulls before approaching the yearly high surrounding 1.3980.
Overall, USDCAD remains on the bear’s radar but the downside room appears limited.
USDCAD: Daily chart
Trend: Further weakness expected
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