USD/CAD technical analysis: Greenback ends the day near its low against CAD sub-1.3400
- USD/CAD remains bullish above its 200-day simple moving average (DSMA).
- The level to beat for bulls is 1.3400 which is a cluster of many technical levels.
USD/CAD daily chart
USD/CAD is in a bull trend above its 100 and 200-day simple moving average (DSMA). The market found some resistance at 1.3440 and the 50 SMA.
USD/CAD 30-minute chart
The 50 SMA is crossing below the 100 SMA suggesting that the market is losing some bullish momentum in the near term. A break below 1.3380 weak support (weekly Fibonacci of 23.6%) can lead to a drop to 1.3350. On the flip side, resistance is at 1.3400 figure, this level is a cluster of several technical indicators according to the Technical Confluences Indicator. If broken the market could potentially break sharply up towards 1.3500 figure.
Additional key levels
This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.