The USD/CAD pair remained relatively flat around 1.4310 during the Asian session on Friday, as the market continues to consolidate within a rectangular pattern, signaling indecision among traders about the pair’s long-term direction.
Technical indicators point to a prevailing bearish sentiment for the pair. USD/CAD remains below both the nine- and 14-day Exponential Moving Averages (EMAs), reflecting weak short-term price action and sustained selling interest. This positioning suggests potential for further downside movement.
Additionally, the 14-day Relative Strength Index (RSI) continues to hover below the neutral 50 mark, reinforcing the negative momentum and maintaining a bearish outlook for the pair.
On the downside, immediate support is seen at the psychological 1.4300 level, followed by the lower boundary of the consolidation range at 1.4280. A break below these critical support zones could intensify the bearish bias, pushing USD/CAD toward the 1.4200 region.
In terms of resistance, the pair faces initial resistance at the nine-day EMA around 1.4372, followed by the 14-day EMA at 1.4381. A move above these levels would indicate a shift in momentum, potentially paving the way for a test of the upper boundary of the rectangle near the 1.4530 level.
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