USD/CAD Price Analysis: Tumbles below 1.3400 with bears targeting the 200-DMA

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 cards

Christian Borjon Valencia FXStreet

The USD/CAD extended 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 (EMA) 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.

USD/CAD Price Analysis: Technical outlook

From a daily chart perspective, the Loonie (CAD) had continued to strengthen against the US Dollar (USD), as the USD/CAD failed to clear solid resistance in the form of the 100-day EMA at 1.3418 and the 20-day EMA at 1.3420. Nevertheless, the USD/CAD bias is bullish as long as the exchange rates hold above the 200-day EMA, which is meandering around 1.3253.

USD/CAD traders should be aware of a break of a support trendline drawn from the lows of November, which could pave the way for further losses. Oscillators-wise, the Relative Strength Index (RSI) continued its bearish path, while the Rate of Change (RoC) indicates consolidation lying ahead as volatility remains low.

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.

USD/CAD Key Technical Levels

USD/CAD

Overview
Today last price	1.3322
Today Daily Change	-0.0063
Today Daily Change %	-0.47
Today daily open	1.3385

Trends
Daily SMA20	1.3455
Daily SMA50	1.3504
Daily SMA100	1.352
Daily SMA200	1.3202

Levels
Previous Daily High	1.3428
Previous Daily Low	1.334
Previous Weekly High	1.3521
Previous Weekly Low	1.3351
Previous Monthly High	1.3705
Previous Monthly Low	1.3385
Daily Fibonacci 38.2%	1.3394
Daily Fibonacci 61.8%	1.3374
Daily Pivot Point S1	1.3341
Daily Pivot Point S2	1.3296
Daily Pivot Point S3	1.3253
Daily Pivot Point R1	1.3429
Daily Pivot Point R2	1.3472
Daily Pivot Point R3	1.3517

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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