USD/CAD Price Analysis: Hovers below 1.3350 followed by the seven day EMA

USD/CAD trades in positive territory on improved US Dollar.
A break above 1.3350 could lead the pair to target the psychological level at 1.3400 before the seven-day EMA at 1.3410.
Technical indicators suggest further decline and testing the weekly low at 1.3330.

Akhtar Faruqui FXStreet

USD/CAD rebounds as the US Dollar (USD) attempts to recover losses registered in the previous session. The USD/CAD pair trades below the major resistance at the 1.3350 level. A breakthrough above the latter could influence the USD/CAD pair to rise and target the psychological resistance level at 1.3400 before the seven-day Exponential Moving Average (EMA) at 1.3410.

If the USD/CAD pair surpasses the psychological resistance, it could explore the region around the major level at 1.3450 followed by the 23.6% Fibonacci retracement level at 1.3462.

However, the technical indicator Moving Average Convergence Divergence (MACD) for the USD/CAD pair indicates a potential bearish trend. The MACD line's placement below the centerline, coupled with divergence below the signal line, suggests a likelihood of further decline. This signal implies that the pair may test the weekly low at 1.3330 level.

The analysis introduces a confirmation to the dovish sentiment surrounding the USD/CAD pair, underscoring the significance of the 14-day Relative Strength Index (RSI) falling below 50. Consequently, a breach below the weekly low has the potential to propel the USD/CAD pair towards the 1.3300 psychological threshold.

USD/CAD: Daily Chart

USD/CAD: additional levels to watch

Overview
Today last price	1.3348
Today Daily Change	0.0012
Today Daily Change %	0.09
Today daily open	1.3336

Trends
Daily SMA20	1.3548
Daily SMA50	1.3663
Daily SMA100	1.36
Daily SMA200	1.3507

Levels
Previous Daily High	1.3402
Previous Daily Low	1.3333
Previous Weekly High	1.3619
Previous Weekly Low	1.335
Previous Monthly High	1.3899
Previous Monthly Low	1.3541
Daily Fibonacci 38.2%	1.3359
Daily Fibonacci 61.8%	1.3375
Daily Pivot Point S1	1.3312
Daily Pivot Point S2	1.3289
Daily Pivot Point S3	1.3244
Daily Pivot Point R1	1.338
Daily Pivot Point R2	1.3425
Daily Pivot Point R3	1.3448

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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