USD/CAD Price Analysis: Tumbles below 1.3400 with bears targeting the 200-DMA USDCAD Majors Technical Analysis
USD/CAD surrendered 1.3400, as buyers could not break the confluence of the 20 and 100-day EMAs.
USD/CAD Price Analysis: Upward biased, but once it falls below 1.3225, a move towards 1.3000 is on the cardsextended its losses on Thursday after hitting a daily high of 1.3407, though as the Asian session begins, it’s almost unchanged. Additionally, the 20-day Exponential Moving Average is crossing below the 100-day EMA, a bearish signal, suggesting further downside pressure lies ahead. At the time of writing, the USD/CAD is trading at 1.3323.
The USD/CAD key support levels would be the 1.3300 figure. A break below, and the USD/CAD could test the 200-day EMA at 1.3253. Once cleared, the pair’s next demand area will be the November 15 low at 1.3225, followed by 1.3200. As an alternate scenario, if the USD/CAD edges up, its first supply area would be the upslope support trendline broken on Thursday at around 1.3330/40. Once reclaimed, the confluence of the 20/100-day EMAs around 1.3418/20 would be next, and then the January 19 high at 1.3520.
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