USD/CAD Price Analysis: Resistance-turned-support trendline favors bulls above 1.3600

USD/CAD stays pressured after failing to keep the bounce off 1.3650.
A descending trend line from May 10, an upward-sloping line from June 10 question short-term sellers.
Bulls await a clear break of 1.3715 for fresh entries.

Anil Panchal FXStreet

USD/CAD recedes to 1.3660 during Tuesday’s Asian session. Even so, the loonie pair stays above a short-term descending trend line, previous resistance, while also staying above the immediate support line.

As a result, the bulls might again challenge the monthly horizontal resistance around 1.3715 to aim for the late-May top surrounding 1.3830. Though, oversold RSI conditions might confine the pair’s additional upside, if not then May 19 low near 1.3870 could lure the bulls.

Meanwhile, the pair’s declines below the stated resistance-turned-support, at 1.3630 now, could fetch the quote to a short-term support line, currently around 1.3570. If at all the sellers dominate below 1.3570, 1.3500 and June 23 bottom close to 1.3485 can flash on the bears’ radars.

If at all there prevails a further weakness under 1.3485, traders’ odds of refreshing the monthly low of 1.3390 can’t be ruled out.

USD/CAD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.3668
Today Daily Change	9 pips
Today Daily Change %	0.07%
Today daily open	1.3659

Trends
Daily SMA20	1.3548
Daily SMA50	1.3807
Daily SMA100	1.3799
Daily SMA200	1.349

Levels
Previous Daily High	1.3705
Previous Daily Low	1.3647
Previous Weekly High	1.3716
Previous Weekly Low	1.3486
Previous Monthly High	1.4173
Previous Monthly Low	1.3715
Daily Fibonacci 38.2%	1.3669
Daily Fibonacci 61.8%	1.3683
Daily Pivot Point S1	1.3636
Daily Pivot Point S2	1.3613
Daily Pivot Point S3	1.3578
Daily Pivot Point R1	1.3694
Daily Pivot Point R2	1.3728
Daily Pivot Point R3	1.3751

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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