USD/CAD Price Analysis: Pullback remains elusive beyond 1.3570 support

USD/CAD stays pressured around intraday low after reversing from multi-day high.
RSI pullback favors latest retreat in Loonie prices toward two-week-old ascending support line.
Bullish MACD signals, hawkish fundamentals challenge downside bias.
Buyers have a bumpy road to witness on their return.

Anil Panchal FXStreet

USD/CAD holds lower grounds near the intraday bottom surrounding 1.3590 during the mid-Asian session on Monday, extending the previous day’s U-turn from a seven-week high.

The Loonie pair’s latest weakness could be linked to the overbought conditions of the RSI (14), as well as a failure to provide a daily closing beyond the January 06 swing high. The pullback moves also took clues from the downside break of the two-week-old previous resistance line.

However, bullish MACD signals and an upward-sloping support line from February 14, close to 1.3570 by the press time, challenges the USD/CAD bears.

If the Loonie pair bears manage to conquer the stated support, the odds of witnessing a quick slump towards the 61.8% Fibonacci retracement level of the pair’s moves from the mid-December 2022 to early February, around 1.3535, can’t be ruled out.

Though, the late January swing high near 1.3520 and multiple tops marked during late January and early February, near 1.3480-70, could probe the USD/CAD sellers afterward.

Meanwhile, the upward-sloping resistance line from February 09, close to 1.3620 at the latest, guards the USD/CAD pair’s immediate upside.

Following that, horizontal lines comprising tops marked since early January and late December 2022, respectively near 1.3665 and 1.3685, becomes crucial for the bulls to watch for clear directions.

USD/CAD: Four-hour chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	1.36
Today Daily Change	-0.0006
Today Daily Change %	-0.04%
Today daily open	1.3606

Trends
Daily SMA20	1.3424
Daily SMA50	1.3462
Daily SMA100	1.3512
Daily SMA200	1.3264

Levels
Previous Daily High	1.3666
Previous Daily Low	1.3527
Previous Weekly High	1.3666
Previous Weekly Low	1.3441
Previous Monthly High	1.3685
Previous Monthly Low	1.33
Daily Fibonacci 38.2%	1.3613
Daily Fibonacci 61.8%	1.358
Daily Pivot Point S1	1.3534
Daily Pivot Point S2	1.3462
Daily Pivot Point S3	1.3396
Daily Pivot Point R1	1.3672
Daily Pivot Point R2	1.3738
Daily Pivot Point R3	1.381

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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