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18 Jan 2024

USD/CAD Price Analysis: Edges lower to near 1.3500 despite a bullish momentum

  • USD/CAD tries to snap its five-day winning streak on a subdued US Dollar.
  • A break below the seven-day EMA at 1.3456 could lead the pair to test the 1.3400 psychological level.
  • The pair could find resistance around 50% retracement level at 1.3536 followed by the support at 1.3550.

USD/CAD attempts to break its five-day winning streak, trading lower around the 1.3500 psychological level during the European session on Thursday. A break below the psychological level could put pressure on the pair to navigate the region around the seven-day Exponential Moving Average (EMA) at 1.3456 aligned with the major support at 1.3450 level.

If the USD/CAD pair surpasses the support region, it could be influenced to approach the psychological level at 1.3400.

However, the technical analysis of the Moving Average Convergence Divergence (MACD) for the USD/CAD pair indicates a potential bullish sentiment in the market, as the MACD line is positioned above the centerline and exhibits divergence above the signal line.

Additionally, the lagging indicator, the 14-day Relative Strength Index (RSI), is positioned above 50, suggesting the confirmation of stronger momentum for the USD/CAD pair.

The analysis indicates that on the upside, the USD/CAD pair faces potential barriers, with the 50% retracement level at 1.3536 serving as an immediate obstacle. Beyond that, a significant resistance level stands at 1.3550.

If the pair manages to break above the latter, it could encourage bullish momentum, potentially leading to an exploration of the psychological resistance region around 1.3600. Further upward movement might target the 61.8% Fibonacci retracement level at 1.3622.

USD/CAD: Daily Chart

 

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