USD/CAD Price Analysis: Heavy below 1.4200, sellers aim for 100-HMA
|- USD/CAD fails to hold onto recovery gains, offered below 200-HMA.
- An eight-day-old falling trend line adds to the resistance.
- The weekly support line can please sellers below 100-HMA.
While extending its pullback moves from 200-HMA, USD/CAD declines to 1.4172, down 0.11%, ahead of the European session on Thursday.
That said, the pair currently drops towards 100-HMA level around 1.4130 whereas an upward sloping trend line from March 27, at 1.4068 now, could lure the bears afterward.
In a case where the USD/CAD prices stay below 1.4068, Tuesday’s low near 1.4010 holds the key to the pair’s fall towards 1.3920.
Meanwhile, the pair’s upside clearance of 200-HMA level, around 1.4240 now, enables it to aim for a short-term falling trend line near 1.4270.
Though, pair’s sustained run-up past-1.4270 will help the bulls to challenge the weekly top surrounding 1.4350.
USD/CAD hourly chart
Trend: Sideways
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