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  • USD/CAD stays depressed despite recently bouncing off 1.3380.
  • A confluence of 200-bar EMA, falling trend line from June 26 offer strong resistance.
  • July month’s bottom gains immediate attention of sellers.

USD/CAD drops to 1.3393 during the initial Asian session on Tuesday. The loonie pair rose to a one-week high on Monday. Though, failures to cross 100-bar EMA keep the bears hopeful.

The same drives sellers towards July’s low near 1.3330 ahead of attacking 1.3315 mark comprising lows registered during March and June month.

It should, however, be noted that the pair’s weakness past-1.3315 will have to break 1.3300 round-figures to revisit February month’s trough surrounding 1.3200.

On the upside, a clear break above 100-bar EMA level of 1.3450 could push the recovery moves towards 1.3515 resistance confluence including a five-week-old falling trend line and 200-bar EMA.

USD/CAD four-hour chart

Trend: Bearish