USD/CAD Price Analysis: Bears attack 1.3500, six-week-old horizontal support in focus
- USD/CAD remains depressed near one-week low of 1.3504.
- A horizontal area from early-June lures sellers amid bearish MACD.
- Bulls can refrain from entries below 200-bar EMA.
USD/CAD drops to 1.3504 as Tokyo begins Thursday’s trading session. In doing so, the loonie pair refreshes weekly low while extending the previous day’s heavy losses.
With bearish MACD supporting the sellers, a horizontal area from June 03, around 1.3490/80 gains the market attention.
Though, the pair’s further weakness might not refrain from recalling June month low of 1.3315 on the charts. It’s worth mentioning that 1.3400 and June 08 bottom around 1.3355 might offer intermediate halts during the fall between 1.3480 and 1.3315.
On the upside, 1.3540 and 1.3600 can entertain buyers in a case of the pair’s pullback while 200-bar EMA level of 1.3623 becomes a tough nut to crack for the bulls. Also acting as the key resistance is 1.3650 and June 26 high of 1.3715.
USD/CAD four-hour chart
Trend: Further weakness expected
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