USD/CAD Price Analysis: Greenback nearing April lows as Fed leaves rates unchanged

USD/CAD remains on the back foot as Powell is confident on the economic recovery.
The Fed leaves rates unchanged as expected.
The level to beat for sellers is the 1.3850 support.

Flavio Tosti Independent Analyst

USD/CAD four-hour chart

USD/CAD is trading below the main SMAs on the four-hour chart while nearing the April lows. The is dropping and approaching the 1.3800/1.3850 support zone. A break below those levels can lead to further downside towards the 1.3710 support level. On the flip side, resistance can emerge near 1.3975 and 1.4070/1.4115 price zone. Jerome Powell, Fed Chairman, is confident that the recovery of the economy is back on track, putting some pressure on USD as a safe-haven.

Resistance: 1.3975, 1.4070, 1.4115

Support: 1.3850, 1.3800, 1.3710

Additional key levels

USD/CAD

Overview
Today last price	1.3887
Today Daily Change	-0.0111
Today Daily Change %	-0.79
Today daily open	1.3998

Trends
Daily SMA20	1.4065
Daily SMA50	1.3891
Daily SMA100	1.3518
Daily SMA200	1.3375

Levels
Previous Daily High	1.4073
Previous Daily Low	1.3936
Previous Weekly High	1.4265
Previous Weekly Low	1.4
Previous Monthly High	1.4668
Previous Monthly Low	1.3315
Daily Fibonacci 38.2%	1.3988
Daily Fibonacci 61.8%	1.4021
Daily Pivot Point S1	1.3932
Daily Pivot Point S2	1.3866
Daily Pivot Point S3	1.3795
Daily Pivot Point R1	1.4069
Daily Pivot Point R2	1.4139
Daily Pivot Point R3	1.4205

Author

Flavio Tosti

Independent Analyst

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