USD/CAD Technical Analysis: Break of immediate supportline can recall 1.3390, 1.3370

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  • In spite of breaking 12-week old descending trendline, the USD/CAD pair struggles around 1.3430 ahead of European open on Monday.
  • The support-line, previous resistance, at 1.3420 grabs immediate market attention as a break of which can quickly drag the quote 1.3390 and then to the March 13 and 15 high near 1.3370.
  • During the pair’s additional weakness past-1.3370, 50-day simple moving average (SMA) near 1.3280 could appear in focus.
  • It should also be noted that pair’s declines under 1.3280 can avail supports around 200-day SMA level of 1.3190, followed by an upward sloping support-line since October 2018 at 1.3180.
  • Meanwhile, current month high around 1.3470 seems favorite of buyers til they manage to hold the pair above 1.3430.
  • Moreover, 1.3500 and 1.3530 can offer intermediate stops to the price rally beyond 1.3470 towards multiple resistances near 1.3660-70.

USD/CAD daily chart

 

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