USD/CAD Price Analysis: Two-week-old trendline keeps buyers hopeful
- USD/CAD remains mildly negative amid broad US dollar weakness.
- A short-term rising trend line questions the sellers.
- Buyers can look for entry beyond the one-week-old resistance trend line.
- Today’s US, Canadian employment data should be watched carefully.
USD/CAD takes rounds to 1.3400, down 0.17%, during early Friday’s trading hours. While failures to cross February month high dragged the quote down, an ascending trend line since February 21, 2020, restricts the pair’s near-term declines.
As a result, the bulls will remain hopeful of confronting the yearly high of 1.3465 on the upside break of the short-term falling trend line, currently near 1.3435.
During the pair’s further upside beyond 1.3465, 1.3500 and May 2019 high near 1.3565 will return to the charts.
Meanwhile, pair’s declines below the short-term support line of 1.3350 may take rest around 1.3320 and 1.3300 levels to the south.
Though, the bears’ dominance past-1.3300 can push them nearer to the previous month low of 1.3202.
USD/CAD four-hour chart
Trend: Bullish
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.
