USD/CAD Price Analysis: Confronts monthly resistance line above 1.3600

• USD/CAD keeps recovery moves from 1.3505, probes short-term key resistance.
• A confluence of 200-bar SMA, 50% Fibonacci retracement question adds to the upside barriers.
• 1.3500, June 09 top offers key immediate supports to watch.

USD/CAD nears the one-week high while taking the bids around 1.3625 during the early-Asian session on Monday. In doing so, the Loonie pair challenges the monthly trend line resistance.

A sustained break above 1.3625 will propel the quote towards breaking the previous week’s high near 1.3685. Even so, 200-bar SMA and 50% Fibonacci retracement level of May-June fall, around 1.3745/50, could question the bulls afterward.

In a case where the USD/CAD prices remain strong beyond 1.3750, May 29 high of 1.3833 and 61.8% Fibonacci retracement level of 1.3845, will be important resistances to watch as they hold the door for the quote’s risk towards 1.4000 threshold.

Alternatively, sellers will refrain from entries unless breaking 1.3500 round-figure. Also acting as additional support could be June 09 high of 1.3488.

During the pair’s weakness past-1.3488, 1.3450, 1.3400 and 1.3355 might entertain the bears ahead of highlighting the monthly bottom of 1.3316.

USD/CAD four-hour chart

Trend: Further recovery expected