USD/CAD Price Analysis: Bears attack 1.3500, six-week-old horizontal support in focus
|- USD/CAD remains depressed near one-week low of 1.3504.
- A horizontal area from early-June lures sellers amid bearish MACD.
- Bulls can refrain from entries below 200-bar EMA.
USD/CAD drops to 1.3504 as Tokyo begins Thursday’s trading session. In doing so, the loonie pair refreshes weekly low while extending the previous day’s heavy losses.
With bearish MACD supporting the sellers, a horizontal area from June 03, around 1.3490/80 gains the market attention.
Though, the pair’s further weakness might not refrain from recalling June month low of 1.3315 on the charts. It’s worth mentioning that 1.3400 and June 08 bottom around 1.3355 might offer intermediate halts during the fall between 1.3480 and 1.3315.
On the upside, 1.3540 and 1.3600 can entertain buyers in a case of the pair’s pullback while 200-bar EMA level of 1.3623 becomes a tough nut to crack for the bulls. Also acting as the key resistance is 1.3650 and June 26 high of 1.3715.
USD/CAD four-hour chart
Trend: Further weakness expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.