- Analytics
- News and Tools
- Market News
- USD/CAD Price Analysis: Moves below 1.3350 followed by the weekly low
USD/CAD Price Analysis: Moves below 1.3350 followed by the weekly low
- USD/CAD moves down in the negative territory as US Dollar fails to hold gains.
- A break above 1.3350 could lead the pair to approach the seven-day EMA at 1.3398 aligned with the psychological level at 1.3400.
- Technical indicators suggest the confirmation of further decline and testing the weekly low at 1.3311.
USD/CAD retraces its recent gains, trading below the major resistance at the 1.3350 level. The USD/CAD pair faces downward pressure on the subdued US Dollar (USD), along with higher Crude oil prices.
Breaking through the significant level has the potential to propel the USD/CAD pair upward, targeting the seven-day Exponential Moving Average (EMA) at 1.3398, in conjunction with the psychological resistance level at 1.3400.
Further surpassing this psychological resistance may lead the pair to explore the vicinity of the major level at 1.3450, followed by the 23.6% Fibonacci retracement level at 1.3452.
On the flip side, the Moving Average Convergence Divergence (MACD) technical indicator for the USD/CAD pair hints at a potential bearish trend. With the MACD line positioned below the centerline and showing divergence below the signal line, there's an indication of a possible further decline.
The analysis adds weight to the prevailing dovish sentiment surrounding the USD/CAD pair, emphasizing the importance of the 14-day Relative Strength Index (RSI) dipping below 50. This confirmation suggests that the pair could revisit the weekly low around the 1.3311 level. A break below the weekly low holds the potential to push the USD/CAD pair towards the psychological level at 1.3300.
USD/CAD: Daily Chart
-638387444809513282.png)
© 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
