- Analytics
- News and Tools
- Market News
- USD/CAD Price Analysis: Subdued around 1.3420s as a doji emerges
USD/CAD Price Analysis: Subdued around 1.3420s as a doji emerges
- USD/CAD extends its losses after sliding below a five-month-old support trendline that surpasses 1.3500.
- USD/CAD Price Analysis: A breach below 1.3357 could pave the way for further downside; otherwise, a test of 1.3500 is on the cards
USD/CAD reverses its uptrend and drops below the 100-day Exponential Moving Average (EMA) at 1.3427, set to finish Wednesday’s session with losses of almost 0.01%. At the time of writing, the USD/CAD is trading at 1.3423 after hitting a daily high of 1.3445.
USD/CAD Price Analysis: Technical outlook
From a daily chart perspective, the USD/CAD is still neutral-biased, though slightly skewed to the downside. Once USD/CAD’s price action broke below a five-month-old upslope support trendline drawn from August 2022 lows on January 6, the USD/CAD resumed its downtrend, which stalled around the current week’s low of 1.3357.
To extend its downtrend, the USD/CAD needs to break below 1.3357 to extend its losses to the November 24 daily low of 1.3316, ahead of the 1.3300 mark. Once hurdled, the USD/CAD would be poised to test the 200-day EMA at 1.3238.
The USD/CAD downward bias in the near term is supported by the Relative Strength Index (RSI) in bearish territory, while the Rate of Change (RoC) portrays steady downward volatility, meaning that sellers remain in charge.
USD/CAD Key Technical Levels
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
