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  • USD/CAD fails to keep bounces off 1.3233, the lowest since February.
  • RSI, MACD likely turning in favor of the bears.
  • 200-HMA, weekly resistance line adds to the upside barriers.

USD/CAD drops to 1.3260 during the early Thursday’s Asian session. The loonie pair slumped to six-month low the previous day before retracing losses from 1.3233. Though, the resultant pullback couldn’t even cross the immediate horizontal resistance and marked another reversal from 1.3289 to please the sellers.

The quote currently declines towards 1.3233 whereas 1.3200 and late-December 2019 top near 1.3180 can entertain the pessimist afterward.

Should there be a clear downside below 1.3180, January 09 top near 1.3100 and 1.3030 may act as buffers before highlighting the 1.3000 psychological magnet.

Meanwhile, lows marked during late-July restrict the pair’s near-term upside around 1.3330/35, a break of which could escalate the recovery moves towards 1.3370/75 resistance confluence including 200-HMA and a short-term falling trend line.

In a case where the bulls manage to cross 1.3375, 1.3460 and June 23 low close to 1.3485 will be the key.

USD/CAD hourly chart

Trend: Bearish