USD/CAD Price Analysis: The pair is about to test the key support zone of 1.3485

USD/CAD is trading 0.72% lower on Wednesday as the greenback sells off.
The price is testing the 1.35 psychological zone and the next support is pretty big too.

Rajan Dhall, MSTA FX Daily

USD/CAD 4-hour chart

USD/CAD has been struggling on Wednesday as oil moves higher and the greenback struggles. The pair is now looking to test lower levels and the 1.35 level is in the way of a move lower. Beyond that, the next support zone is at 1.3485 and this has been an area in the past where the price found both support and resistance.

The market has made consecutive lower highs and lower lows now. This could mean that the downtrend is back on but the major support is the low on the chart at 1.3315,

Looking at the indicators, the MACD is turning bearish as the histogram is in the red. The signal lines are also below the mid-zone as it seems the stars are lining up on the short side. The Relative Strength Index is hitting the oversold zone at the moment. There is still more room to the downside but in the medium term there could be a retracement coming up.

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Additional levels

USD/CAD

Overview
Today last price	1.3509
Today Daily Change	-0.0094
Today Daily Change %	-0.69
Today daily open	1.3603

Trends
Daily SMA20	1.3583
Daily SMA50	1.3744
Daily SMA100	1.3818
Daily SMA200	1.3499

Levels
Previous Daily High	1.361
Previous Daily Low	1.3525
Previous Weekly High	1.3705
Previous Weekly Low	1.3545
Previous Monthly High	1.3802
Previous Monthly Low	1.3316
Daily Fibonacci 38.2%	1.3577
Daily Fibonacci 61.8%	1.3557
Daily Pivot Point S1	1.3549
Daily Pivot Point S2	1.3494
Daily Pivot Point S3	1.3464
Daily Pivot Point R1	1.3634
Daily Pivot Point R2	1.3664
Daily Pivot Point R3	1.3719

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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