USD/CAD Price Analysis: Refreshes 10-week low, eyes yearly support line

• USD/CAD stays offered, sellers attack September low amid bearish MACD.
• An ascending trend line from December 31, 2019 offers immediate support.
• Bulls are less likely to get convinced unless witnessing an upside break beyond 200-day EMA.

USD/CAD drops to the lowest in more than two months, currently around 1.3014, during Monday’s Asian session.

The loonie pair failed to cross 1.3100 horizontal resistance during Friday’s pullback moves, which in turn gains support from bearish MACD conditions to challenge the multi-day-old support line near the 1.3000 psychological magnet.

It should, however, be noted that the quote’s sustained declines below the stated support line will have to slip below September month’s low of 1.2994 to visit the December 2019 bottom surrounding 1.2950.

Meanwhile, an upside clearance of the 1.3100 immediate resistance can escalate the corrective recovery towards the mid-October top near 1.3260.

Though, USD/CAD bulls are likely to remain cautious unless witnessing a clear break above the 200-day EMA level of 1.3385.

USD/CAD daily chart

Trend: Bearish