USDCAD Finds Significant Support at 200-day SMA for Further Declines
USDCAD has found strong support at the 200-day simple moving average (SMAs) over the last few sessions, remaining above the 1.2500 psychological number. The RSI indicator is also appearing weak in the negative region, while the stochastic oscillator is heading up after the bullish crossover within the %K and %D lines in the oversold zone.
In case the pair changes its very short-term neutral direction to the upside, the bulls will probably challenge the 1.2600 round number, taken from the inside swing low of December 2021. A break higher, could last until the one-year high of 1.2960. Further up the area around 1.3175 could be another potential obstacle for upward movements.
Alternatively, additional declines, penetrating the 200-day SMA may drive the price towards the 1.2390 support before 1.2285 comes into view. Beneath the latter, the 1.2200 handle could another level in focus.
Summarizing, USDCAD maintains a bullish bias in the long-term picture, whereas in the very short-term it holds a neutral profile.
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