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Forex News

Extends pullback from 1.3700, May 2019 top on bears’ radar

  • USD/CAD drops from the 34-month top.
  • MACD and RSI flash mixed signals, May 2019 top is likely upcoming on the charts.
  • Buyers will target May 2017 high during fresh run-up beyond Monday’s peak.

Having failed to extend its run-up beyond May 2017 high, USD/CAD drops 0.40% to 1.3640 during the pre-European session on Tuesday.

That said, the pair now declines towards May 2019 high near 1.3565 whereas an ascending trend line since February 03, 2020, at 1.3520, can question the bears afterward.

In a case where the quote slips beneath 1.3520, June 2019 high near 1.3430 will return to the charts.

Meanwhile, buyers will look for any sustained rise beyond 1.3700 to aim for Monday’s peak of 1.3763.

However, overbought RSI may raise questions for the pair’s run-up past-1.3763 towards May 2017 high near 1.3795-3800.

USD/CAD daily chart

Trend: Pullback expected

 

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