USD/CAD Price Analysis: Extends pullback from 1.3700, May 2019 top on bears’ radar

USD/CAD drops from the 34-month top.
MACD and RSI flash mixed signals, May 2019 top is likely upcoming on the charts.
Buyers will target May 2017 high during fresh run-up beyond Monday’s peak.

Anil Panchal FXStreet

Having failed to extend its run-up beyond May 2017 high, USD/CAD drops 0.40% to 1.3640 during the pre-European session on Tuesday.

That said, the pair now declines towards May 2019 high near 1.3565 whereas an ascending trend line since February 03, 2020, at 1.3520, can question the bears afterward.

In a case where the quote slips beneath 1.3520, June 2019 high near 1.3430 will return to the charts.

Meanwhile, buyers will look for any sustained rise beyond 1.3700 to aim for Monday’s peak of 1.3763.

However, overbought RSI may raise questions for the pair’s run-up past-1.3763 towards May 2017 high near 1.3795-3800.

USD/CAD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.3649
Today Daily Change	-52 pips
Today Daily Change %	-0.38%
Today daily open	1.3701

Trends
Daily SMA20	1.333
Daily SMA50	1.3205
Daily SMA100	1.3197
Daily SMA200	1.321

Levels
Previous Daily High	1.3763
Previous Daily Low	1.3422
Previous Weekly High	1.344
Previous Weekly Low	1.3315
Previous Monthly High	1.3465
Previous Monthly Low	1.3202
Daily Fibonacci 38.2%	1.3633
Daily Fibonacci 61.8%	1.3552
Daily Pivot Point S1	1.3494
Daily Pivot Point S2	1.3288
Daily Pivot Point S3	1.3153
Daily Pivot Point R1	1.3835
Daily Pivot Point R2	1.397
Daily Pivot Point R3	1.4177

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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