- USD/CAD eases from intraday drop, extends Friday’s U-turn from the key HMA.
- An upward sloping trend line from Thursday offers immediate support.
USD/CAD drops to 1.2758, down 0.08% intraday, during Monday’s Asian session. The pair bounced off 1.2745 before pulling backward from 1.2763.
In doing so, the quote defies Friday’s recovery moves below 100-HMA while MACD flirts with the USD/CAD bears.
As a result, the sellers look to visit a two-day-old support line, at 1.2734 now, during further downside. Though, the monthly low near 1.2700 will challenge the downside momentum then after.
In a case where the USD/CAD sellers keep the reins past-1.2700, the early 2018 lows near 1.2630 will be in the spotlight.
Meanwhile, 100-HMA and highs marked since last Monday, respectively near 1.2785 and 1.2835, can guard the pair’s short-term upside.
If at all the USD/CAD buyers return after 1.2835, the 1.2900 threshold and the monthly top near 1.3010 will be on their radars.
USD/CAD hourly chart
Trend: Bearish
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