USD/CAD Price Analysis: Eases towards a fortnight-old support below 1.2100
|- USD/CAD bounces off intraday low but stays pressured towards short-term support line.
- Downward sloping Momentum, multiple resistance lines favor sellers.
USD/CAD extends Friday’s pullback from 1.2120 to 1.2060 during Tuesday’s Asian session trading. In doing so, the pair sellers justify sustained trading below short-term resistance lines and descending Momentum line.
However, further downside awaits a clear break of a two-week-old support line, near 1.2045, before aiming for the 1.2030 level to the south.
Also acting as the key supports are the 1.2013 and the 1.2000 psychological level.
Meanwhile, a two-day-long falling trend line near 1.2080 guards the quote’s immediate recovery moves ahead of the weekly resistance line near 1.2100.
It’s worth noting that multiple hurdles to around 1.2145, marked since May 19, become the key challenge for USD/CAD buyers.
Overall, USD/CAD remains in the bearish trajectory but sellers seem to catch a break of late.
USD/CAD hourly chart
Trend: bearish
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