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USD/CAD technical analysis: Greenback sinks to 3-month lows against CAD

2019-06-20 21:40

  • USD/CAD is trading at levels not seen since March.

  • The next supports to the downside are seen near 1.3110 and 1.3068.



USD/CAD daily chart



USD/CAD broke below 1.3200 figure and its main daily simple moving average (DSMA). The overall picture is turning negative for the commodity-linked currency pair.





USD/CAD 4-hour chart



USD/CAD is under bearish pressure below 1.3180 and its main SMAs. The market reached levels not seen since March of this year. 





USD/CAD 30-minute chart



The 50 SMA crossed below the 200 SMA which is seen as a bearish sign. The path of least resistance is to the downside. The next support cab be seen at 1.3110 (near weekly Pivot Point S3) and 1.3068 ( February low).





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.

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