USD/CAD Price Analysis: Hovers near 1.3570 after recovering intraday losses

USD/CAD struggles to hold ground as US Dollar rebounds.
Technical indicators suggest retesting the major support at the 1.3550 level.
A break above the psychological barrier of 1.3600 could approach the 23.6% Fibo at 1.3625.

Akhtar Faruqui FXStreet

USD/CAD struggles to halt its three-day losing streak post recovering most of its intraday losses, hovering around 1.3570 during the European hours on Wednesday. However, the USD/CAD pair faced challenges during the Asian session on the back of a softer US Dollar (USD), coupled with improved Crude oil prices.

The technical indicators for the USD/CAD pair support the current downward trend. The Moving Average Convergence Divergence (MACD) line is below the centerline and the signal line, indicating a bearish momentum in the pair.

Furthermore, the 14-day Relative Strength Index (RSI) below 50 indicates bearish sentiment, indicating that the USD/CAD pair could meet the support around the major level at 1.3550.

A firm break below the latter could influence the bears of the USD/CAD pair to navigate the psychological support region around 1.3500.

On the upside, if the USD/CAD pair surpasses the psychological barrier of 1.3600, it could reach the 23.6% Fibonacci retracement at 1.3625 and seven-day Exponential Moving Average (EMA) at the 1.3628 level. A breakthrough above the resistance area could open the doors for the USD/CAD pair to explore the region around the 1.3650 level.

USD/CAD: Daily Chart

USD/CAD: more technical levels to watch

Overview
Today last price	1.3568
Today Daily Change	-0.0007
Today Daily Change %	-0.05
Today daily open	1.3575

Trends
Daily SMA20	1.372
Daily SMA50	1.368
Daily SMA100	1.3552
Daily SMA200	1.3518

Levels
Previous Daily High	1.3621
Previous Daily Low	1.356
Previous Weekly High	1.3766
Previous Weekly Low	1.3594
Previous Monthly High	1.3892
Previous Monthly Low	1.3562
Daily Fibonacci 38.2%	1.3584
Daily Fibonacci 61.8%	1.3598
Daily Pivot Point S1	1.355
Daily Pivot Point S2	1.3525
Daily Pivot Point S3	1.3489
Daily Pivot Point R1	1.3611
Daily Pivot Point R2	1.3646
Daily Pivot Point R3	1.3671

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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