22.02 - USD/CAD takes offers near the intraday low
- by George Solotarov
USD/CAD stands on a slippery ground while declining to 1.2598, down 0.18% intraday, during Monday’s Asian session. In doing so, the quote attacks the yearly bottom marked during January 21 as sellers cheer downside break of a short-term support line. While 1.2589 offers immediate support, bearish MACD and an absence of oversold RSI directs USD/CAD sellers towards the fresh multi-month low during further downside.
In doing so, the April 2018 bottom near 1.2525 and the 1.2500 round-figure should gain the market’s attention. On the contrary, an upside break beyond the previous support line, at 1.2615 now, can trigger fresh corrective pullback targeting the 1.2700 round-figure. However, any further upside will have to cross a descending resistance line from February 08, currently around 1.2735, to convince the USD/CAD bulls.