USD/CAD Price Analysis: Low Volatility Keeps Bears At Bay Beyond 1.3570 Support
During Monday's mid-Asian session, USD/CAD remained near the intraday bottom around 1.3590, following a U-turn from a seven-week.
During Monday’s mid-Asian session, USD/CAD remained near the intraday bottom around 1.3590, following a U-turn from a seven-week high on the previous day. The RSI’s (14) overbought conditions and the failure to provide a daily close beyond the January 06 swing high may have contributed to the Loonie pair’s latest weakness.
Additionally, the downside break of the two-week-old previous resistance line played a role in the pullback moves. However, the bullish MACD signals and the upward-sloping support line from February 14, around 1.3570, challenge the USD/CAD bears. If the Loonie pair’s bears break the stated support, the 61.8% Fibonacci retracement level around 1.3535 could be the next target. Nevertheless, the swing high in late January, around 1.3520, and multiple tops marked in late January and early February near 1.3480–70 could hinder the USD/CAD sellers.
On the other hand, the upward-sloping resistance line from February 09 near 1.3620 is the immediate upside guard. The horizontal lines comprising tops marked since early January and late December 2022, respectively, near 1.3665 and 1.3685, become crucial for the bulls to watch for clear directions.
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