USD/CAD technical analysis: 1.3445/40 is the level to beat for sellers

• Repeated failures to clear 1.3500 portray the pair’s weakness.
• The three-week-old support-line limits immediate declines.

Having witnessed another failure to successfully clear 1.3500, USD/CAD is taking the rounds near 1.3450 during early Friday.

While 1.3500 seems challenging short-term buyers, an upward sloping trend-line since April 17 is acting as important downside support for sellers.

Given the prices dip beneath 1.3445/40 support-line, 50% Fibonacci retracement of its late-April upside near 1.3400 can quickly appear on the chart while current month bottom near 1.3375 may please bears then after.

If at all there prevails additional selling pressure past-1.3375, a horizontal-line connecting low since mid-April, at 1.3335, may grab the spotlight.

On the contrary, 1.3480 can question the pair’s pullback ahead of 1.3500.

However, pair’s sustained break of 1.3500 might not refrain from challenging late-April highs near 1.3520 and four-month long ascending resistance-line at 1.3545.

USD/CAD 4-Hour chart

Trend: Pullback expected