USD/CAD Price Analysis: Again eases above 1.3500, weekly support line in focus

USD/CAD fails to stretch pullback moves from 1.3493 beyond 1.3522.
Bearish MACD, failures to regain above 1.3500 favor the sellers.
Oversold RSI might trigger another U-turn from the immediate trend line support.

Anil Panchal FXStreet

USD/CAD drops to 1.3510 during the initial hour of Tokyo open on Thursday. In doing so, the pair defies recoveries from 1.3493, following a U-turn from 1.3522. The loonie pair declines to a 12-day low the previous day. However, oversold RSI conditions and a falling trend line from July 01 restricted the quote’s downside despite bearish signals from the MACD.

Against this backdrop, the quote is likely to extend near-term weakness towards revisiting the immediate support line, currently around 1.3495.

However, oversold RSI conditions could restrict further downside around 1.3490/85 area comprising the late-June lows.

On the upside, a clear break above 1.3525 can aim for 1.3560 and 200-HMA level of 1.3593 before attacking 1.3600 round figure.

During the pair’s sustained rise past-1.3600 mark, the current monthly near 1.3625 will be the key to watch.

USD/CAD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.3508
Today Daily Change	-4 pips
Today Daily Change %	-0.03%
Today daily open	1.3512

Trends
Daily SMA20	1.3588
Daily SMA50	1.3737
Daily SMA100	1.382
Daily SMA200	1.35

Levels
Previous Daily High	1.3624
Previous Daily Low	1.3493
Previous Weekly High	1.3705
Previous Weekly Low	1.3545
Previous Monthly High	1.3802
Previous Monthly Low	1.3316
Daily Fibonacci 38.2%	1.3543
Daily Fibonacci 61.8%	1.3574
Daily Pivot Point S1	1.3462
Daily Pivot Point S2	1.3412
Daily Pivot Point S3	1.3331
Daily Pivot Point R1	1.3593
Daily Pivot Point R2	1.3674
Daily Pivot Point R3	1.3724

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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