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USD/CAD Sees Respite from Three-Day Slide

Elena by Elena
04/06/2024
in CAD, News
USD/CAD Pair Faces Headwinds Amidst US Dollar Decline
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The USD/CAD pair found reprieve from its recent three-day downturn, hovering near 1.3680 during Tuesday’s European trading session. This uptick in the pair is attributed to the retreat in crude oil prices, a significant factor given Canada’s status as the largest oil exporter to the United States.

Technical analysis of the daily chart paints a bearish picture for the USD/CAD pair, as it remains within a descending channel. Moreover, the 14-day Relative Strength Index (RSI) hovers marginally above the 50 mark, suggesting that further movement may delineate a discernible directional trend.

The Moving Average Convergence Divergence (MACD) momentum indicator aligns with this bearish outlook, with the MACD line positioned below the centerline and the signal line. However, convergence below the signal line hints at a potential momentum shift, with a breakthrough above the centerline possibly signaling a weakening of the bearish trend.

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Key support levels for the USD/CAD pair lie around the psychological barrier of 1.3600 and a throwback support at 1.3590. A breach below this zone could exert downward pressure, potentially pushing the pair towards the significant level of 1.3500, with additional support anticipated at the lower threshold of the descending channel.

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Conversely, on the upside, the pair faces resistance at the upper boundary of the descending channel, followed by the psychological hurdle of 1.3700. A breach above this level could alleviate the prevailing bearish bias, paving the way for exploration towards the region around the pivotal level of 1.3800, with further upside potential extending to April’s high of 1.3846.

Related Topics:

  • Unveiling the Power of 1 CAD: A Full Guide
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  • The Next Bank of Canada Rate Announcement: Stay Informed
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Elena

Elena

Elena, a seasoned foreign exchange trader with a proven track record in the dynamic world of currency markets, brings a wealth of expertise and professionalism to the financial realm. With an extensive background spanning over a decade, she has honed her skills in analyzing global economic trends and implementing strategic trading solutions. Known for her meticulous attention to detail and analytical prowess, Elena has navigated through volatile market conditions with finesse, consistently delivering impressive results for her clients. Her comprehensive understanding of macroeconomic indicators, coupled with a keen awareness of geopolitical events, allows her to make informed decisions that optimize trading portfolios. Elena's commitment to staying ahead of the curve is evident in her continuous pursuit of knowledge and mastery of cutting-edge trading technologies. Her disciplined approach to risk management ensures prudent investment strategies, instilling confidence in both colleagues and clients alike.

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