USD/CAD technical analysis: Greenback consolidating losses near 1.3200 handle
- USD/CAD is consolidating the losses seen last week.
- 1.3232 can be initial resistance on the way up.
USD/CAD daily chart
Last week, USD/CAD dropped below the 1.3200 figure and the main daily simple moving average (DSMA).
USD/CAD is consolidating its losses below its main SMAs. Bears need to break below 1.3150 (last week low) to reach 1.3120 and 1.3084 swing lows.
The market is trading within Friday’s range as the 50 SMA crossed above the 100 SMA suggesting a correction up in the near term. Resistances are seen at 1.3232, 1.3310 and 1.3345, according to the Technical Confluences Indicator.
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.