USD/CAD Price Analysis: Technical outlook
After reaching a new YTD high, the USD/CAD retreated below the 1.3600 mark. If the pair closes below the 1.3550 area, that will form an ‘inverted hammer’ opening the door for further losses, but the 100-day moving average (DMA) at 1.3520, a dynamic support level, could cap the losses. Further downside is seen at 1.3500 and at the confluence of the 200 and 50-DMA at 1.3481/87. On the other hand, if buyers come back and reclaim 1.3600, look for a challenge of the November 24 high at 1.3711
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