- USD/CAD extends pullback from two-week-old resistance line.
- The June 09 top offers immediate support ahead of 1.3315.
- 200-bar SMA, 61.8% Fibonacci retracement add to the upside barriers.
USD/CAD drops to the intraday low of 1.3530 amid Tuesday’s Asian session. The Loonie pair prints a three-day losing streak while stepping back from an upward sloping trend line from June 03. Also supporting the odds of the quote’s further downside could be the MACD histogram that posts strongest bearish signals since the early-month.
As a result, the pair’s additional weakness towards June 09 high, close to 1.3490, becomes imminent. However, 1.3400 and 1.3360 will challenge the bears afterward ahead of pushing them to the monthly low close to 1.3315.
It should, however, be noted that the pair’s fall below 1.3315 will probe February month’s bottom near 1.3200.
On the contrary, an upside clearance of the said resistance line, at 1.3700 now, could propel the pair towards a 200-bar SMA level of 1.3813.
Though, May 29 high near 1.3833 and 61.8% Fibonacci retracement of the pair’s fall from May 06, at 1.3845, could question the bulls then after.
USD/CAD four-hour chart
Trend: Bearish
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