USD/CAD has dropped near the lower portion of the Rising Channel chart pattern formed on an hourly scale. The lower portion of the aforementioned chart pattern is plotted from April 04 low at 1.3406 while the upper portion is placed from April 04 high at 1.3467.
The 20-period Exponential Moving Average (EMA) at 1.3512 is barricading the US Dollar from a recovery.
Meanwhile, the Relative Strength Index (RSI) (14) has slipped back into the 40.00-60.00 range after an attempt of climbing above 60.00, indicating the presence of aggressive sellers at elevated levels.
Should the asset break below April 10 low at 1.3485, Canadian Dollar bulls would further drag the Loonie asset toward April 06 low at 1.3452 followed by April 04 low at 1.3406.
On the contrary, a decisive break above April 10 high at 1.3554 will drive the asset toward the round-level resistance at 1.3600. A breach of the 1.3600 resistance will expose the asset to March 23 low at 1.3630.
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