USD/CAD Price Analysis: Drops to fill the 13-week-old gap below 1.3500
|- USD/CAD refreshes the 12-week low to 1.3480 amid bearish MACD.
- 200-day SMA, February top might question the immediate declines.
- 61.8% Fibonacci retracement limits the nearby pullback moves.
USD/CAD stands on a slippery ground while declining to 1.3480, down 0.26% on a day, during the Asian session on Wednesday.
While declining to the lowest since early-March, the pair fills the gap between March 06 and February 28 while also testing 200-day SMA.
As a result, the pair is likely to catch a breather around 1.3465/60 area comprising February month high and 200-day SMA.
Should the bears reject 1.3460 support, March 2020 low of 1.3315 will be on their radars.
Meanwhile, 61.8% Fibonacci retracement level of December 31, 2019, to March 19, 2020 upside, near 1.3610, restricts the pair’s near-term recovery moves.
USD/CAD daily chart
Trend: Pullback expected
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