- USD/CAD takes offers to refresh intraday low, prints another attempt to conquer the 200-EMA.
- Sustained break of monthly ascending trend line, 100-EMA keep sellers hopeful.
USD/CAD remains on the back foot for the second consecutive day, refreshing intraday low near 1.2800 during Friday’s Asian session.
The pair’s bearish performance could be linked to the clear break of an upward sloping trend line from late April, as well as sustained trading below the 100-EMA.
However, an absence of oversold RSI and the 200-EMA level surrounding 1.2795 challenge the USD/CAD sellers.
Following that, the monthly low around 1.2710 and the 61.8% Fibonacci retracement of April-May upside, close to 1.2695, become crucial to watch for the pair sellers.
Meanwhile, recovery moves may initially confront the 100-EMA, near 1.2855 by the press time, before targeting the latest swing high around 1.2900.
It’s worth noting, however, that the USD/CAD bulls remain off the table until the quote stays below the previous support line from April 21, close to 1.3000.
USD/CAD: Four-hour chart
Trend: Further weakness expected
