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28 Jul 2020

USD/CAD Price Analysis: Refreshes seven-week low around 1.3350

  • USD/CAD pulls back from 1.3331, the lowest since June 10.
  • Break of five-month-old ascending trend line joins bearish MACD to favor sellers.
  • 200-day SMA becomes near-term key upside barrier beyond the support-turned-resistance.

USD/CAD recovers from multi-day low to 1.3351 during early Tuesday. Even so, the pair’s sustained trading below an ascending trend line from February 21 and bearish MACD suggests the quote’s further downside.

In doing so, June month’s low near 1.3315 and 1.3300 round-figures will flash on the sellers’ radars as immediate targets. Following that February month bottom around 1.3200 could return to the charts.

During the pair’s additional weakness past-1.3200, January 09 high of 1.3104 and 1.3000 psychological magnet will be in the spotlight whereas the yearly trough surrounding 1.2960 could challenge the bears afterward.

On the contrary, a daily closing beyond the support-turned-resistance trend line, at 1.3362 now, can escalate the recent recoveries towards a 200-day SMA level of 1.3520. Though, June 23 bottom close to 1.3485 may act as an intermediate halt during the rise.

USD/CAD daily chart

Trend: Bearish

 

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