USD/CAD Price Analysis: Drops to four-month low at 1.3270 ahead of US Core PCE

USD/CAD continues to lose ground on the subdued US Dollar.
Technical indicators suggest the confirmation of further decline towards the major level at 1.3250.
A break above 1.3300 could provide support for the pair to aim the seven-day EMA at 1.3354.

Akhtar Faruqui FXStreet

USD/CAD extends its losing streak for the second consecutive session, hovering around its four-month low at 1.3270 during the European hours on Friday.

The Moving Average Convergence Divergence (MACD) technical indicator for the USD/CAD pair is suggesting a potential bearish trend. The MACD line's placement below the centerline, coupled with divergence below the signal line, indicates a likelihood of further decline.

The analysis further confirms the existing dovish sentiment surrounding the USD/CAD pair, underscoring the significance of the lagging indicator 14-day Relative Strength Index (RSI) falling below 50. This confirmation implies that the pair might extend its decline, potentially reaching the major level at 1.3250 following the psychological level at 1.3200.

The analysis suggests that if there's a break below the psychological level, it could pave the way for the USD/CAD pair to move towards the August low at 1.3179.

The analysis suggests that on the upside, surpassing the psychological level at 1.3300 could provide support for the USD/CAD pair, propelling it upward. The next potential targets include the seven-day Exponential Moving Average (EMA) at 1.3354, followed by the psychological resistance level at 1.3400.

If the pair manages to pass through this psychological resistance, it might explore further upward movement toward the 23.6% Fibonacci retracement level at 1.3424, and eventually, the major level at 1.3450.

USD/CAD: Daily Chart

USD/CAD: more technical levels to watch

Overview
Today last price	1.3273
Today Daily Change	-0.0007
Today Daily Change %	-0.05
Today daily open	1.328

Trends
Daily SMA20	1.3511
Daily SMA50	1.365
Daily SMA100	1.3599
Daily SMA200	1.3502

Levels
Previous Daily High	1.3371
Previous Daily Low	1.328
Previous Weekly High	1.3619
Previous Weekly Low	1.335
Previous Monthly High	1.3899
Previous Monthly Low	1.3541
Daily Fibonacci 38.2%	1.3315
Daily Fibonacci 61.8%	1.3336
Daily Pivot Point S1	1.325
Daily Pivot Point S2	1.3219
Daily Pivot Point S3	1.3158
Daily Pivot Point R1	1.3341
Daily Pivot Point R2	1.3402
Daily Pivot Point R3	1.3433

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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