USD/CAD Price Analysis: The crucial contention level is seen at 1.3360, Bear cross eyed

USD/CAD remains under selling pressure around 1.3378 amid the USD weakness.
Bearish outlook of the pair remains intact; the 50-period EMA is on the verge of crossing below the 100-period EMA.
The key support level is located at 1.3360; the immediate resistance level will emerge at 1.3430.

Lallalit Srijandorn FXStreet

The USD/CAD pair holds below the 1.3400 mark during the early European trading hours on Friday. The decline in the US Dollar (USD) and lower US Treasury bond yields weigh on the USD/CAD pair. The pair currently trades near 1.3378, down 0.08% on the day. Later on Friday, traders will closely monitor the US Nonfarm Payrolls (NFP) report for fresh catalysts, which is estimated to see 180,000 jobs added in January.

From the technical perspective, USD/CAD maintains the bearish outlook unchanged as the pair is below the 50- and 100-period Exponential Moving Averages (EMA) on the four-hour chart. It’s worth noting that the 50-hour EMA is on the verge of crossing below the 100-hour EMA. If a decisive crossover occurs on the four-hour chart, it would validate a Bear Cross, highlighting that the path of least resistance for USD/CAD is to the downside.

The crucial support level for the pair is seen at 1.3360, representing the lower limit of the Bollinger Band and a low of January 31. A breach of this level will expose the 1.3300 psychological round figure, followed by a low of January 2 at 1.3228.

On the other hand, the first upside barrier of USD/CAD will emerge at the upper boundary of the Bollinger Band at 1.3430. A decisive break above the latter will see a rally to the 1.3500 round mark. The additional upside filter to watch is a high of January 25 at 1.3535.

USD/CAD four-hour chart

USD/CAD

Overview
Today last price	1.3374
Today Daily Change	-0.0015
Today Daily Change %	-0.11
Today daily open	1.3389

Trends
Daily SMA20	1.3435
Daily SMA50	1.3432
Daily SMA100	1.3553
Daily SMA200	1.3478

Levels
Previous Daily High	1.3464
Previous Daily Low	1.3368
Previous Weekly High	1.3535
Previous Weekly Low	1.3414
Previous Monthly High	1.3542
Previous Monthly Low	1.3229
Daily Fibonacci 38.2%	1.3405
Daily Fibonacci 61.8%	1.3428
Daily Pivot Point S1	1.335
Daily Pivot Point S2	1.331
Daily Pivot Point S3	1.3253
Daily Pivot Point R1	1.3446
Daily Pivot Point R2	1.3504
Daily Pivot Point R3	1.3543

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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