USD/CAD Price Analysis: Bears attack 1.2600 on the way to refresh multi-month low
|- USD/CAD takes offers near the intraday low.
- Sustained break of one-month-old support line directs bears towards the yearly bottom, for now.
- Two-week-old resistance line adds to the upside filters.
USD/CAD stands on a slippery ground while declining to 1.2598, down 0.18% intraday, during Monday’s Asian session. In doing so, the quote attacks the yearly bottom marked during January 21 as sellers cheer downside break of a short-term support line.
While 1.2589 offers immediate support, bearish MACD and an absence of oversold RSI directs USD/CAD sellers towards the fresh multi-month low during further downside.
In doing so, the April 2018 bottom near 1.2525 and the 1.2500 round-figure should gain the market’s attention.
On the contrary, an upside break beyond the previous support line, at 1.2615 now, can trigger fresh corrective pullback targeting the 1.2700 round-figure.
However, any further upside will have to cross a descending resistance line from February 08, currently around 1.2735, to convince the USD/CAD bulls.
USD/CAD four-hour chart
Trend: Bearish
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