USD/CAD Price Analysis: Keeps the bearish vibe unchanged above the 1.3400 mark

USD/CAD loses traction near 1.3407 despite the firmer US Dollar.
The bearish outlook remains intact below the key EMA; RSI indicator is located in the bearish territory below the 50 midline.
The first support level is seen at 1.3350; the immediate resistance level will emerge at 1.3440.

Lallalit Srijandorn FXStreet

The USD/CAD pair trades on a softer note for the fourth consecutive day during the early European session on Tuesday. The higher oil prices amid the ongoing geopolitical tensions in the Middle East lift the commodity-linked Loonie and weigh on the USD/CAD pair. The pair currently trades around 1.3405, losing 0.04% on the day.

Technically, USD/CAD keeps the bearish bias unchanged as the pair is below the 50- and 100-period Exponential Moving Averages (EMA) on the four-hour chart. The path of the least resistance of USD/CAD is to the downside, as the Relative Strength Index (RSI) stands in bearish territory below the 50-midline.

A bearish breakout below the lower limit of the Bollinger Band at 1.3393 will see a drop to a low of January 11 at 1.3350. Any follow-through selling below the latter will expose the 1.3300 psychological support level, en route to a low of January 2 at 1.3228.

On the upside, the first upside barrier of the pair is located at the 100-period EMA at 1.3440. The additional upside filter to watch is the 50-period EMA at 1.3450. Further north, the next hurdle will emerge at the upper boundary of the Bollinger Band at 1.3516, followed by a high of January 25 at 1.3534.

USD/CAD four-hour chart

(This story was corrected on January 30 at 07:33 GMT to say, in the headline, first bullet point, and first paragraph, that the USD/CAD pair is trading around the 1.3400s, not 1.3700s.)

USD/CAD

Overview
Today last price	1.3406
Today Daily Change	-0.0004
Today Daily Change %	-0.03
Today daily open	1.3410

Trends
Daily SMA20	1.3426
Daily SMA50	1.3450
Daily SMA100	1.3557
Daily SMA200	1.3481

Levels
Previous Daily High	1.3469
Previous Daily Low	1.3410
Previous Weekly High	1.3535
Previous Weekly Low	1.3414
Previous Monthly High	1.3620
Previous Monthly Low	1.3178
Daily Fibonacci 38.2%	1.3433
Daily Fibonacci 61.8%	1.3447
Daily Pivot Point S1	1.3390
Daily Pivot Point S2	1.3371
Daily Pivot Point S3	1.3331
Daily Pivot Point R1	1.3450
Daily Pivot Point R2	1.3489
Daily Pivot Point R3	1.3509

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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