USDCAD neutral, flat moving averages

Selena Nicholas XM

USDCAD has a neutral medium-term outlook based on the trend signals which are flat . The three moving averages (50-100 and 200-day MA’s) and the RSI indicator, are trendless.

The short-term outlook is looking more bullish, as prices are above all three moving averages, however the 1.3410 area is a key short-term resistance for the pair. A break above this level would open the way for the market to return to the 1.35 - 1.36 area.

Alternatively, a move to the downside would find support at 1.3295 (100-day MA). There is additional support at the psychological level at 1.3200, which is also where the 200-day moving average is converging. A move below this key support would target the bottom of the recent range, at 1.3000.

To sum up, the medium-term is neutral as USDCAD has been trapped between key levels of 1.30 and 1.36 but the short-term is bullish with strong resistance at 1.3410, which needs to be broken soon in order to strengthen the bullish bias.

Interested in USDCAD technicals? Check out the key levels

1. R3 1.3480
2. R2 1.3448
3. R1 1.3415
PP 1.3383
1. S1 1.3351
2. S2 1.3319
3. S3 1.3286

Author

Selena Nicholas

Selena has a professional background of over 10 years spent in the financial industry, with a proven track record in her field of expertise. On obtaining her MA in Economics in 2002, Selena started her career as a Registered Futu

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