Technical analysis: Canadian Dollar churns against Greenback after backsliding to 1.3600
The Canadian Dollar (CAD) kicked off Wednesday by stumbling back against the US Dollar (USD), pushing the USD/CAD pair into the 1.3600 handle. The CAD recovered into the day’s opening range, sticking close to 1.3560. Intraday action has a technical floor priced in at the 200-day Simple Moving Average (SMA) at 1.3515, and 1.3600 remains a key technical ceiling.
USD/CAD continues to churn in the same neighborhood as the 200-day SMA at 1.3480, and a rising higher lows pattern remains firmly printed into the charts, but momentum remains low. The pair is broadly stuck in a medium-term range, with bids cycling the midpoint between late December’s swing low into 1.3200 and last November’s peak bids near 1.3900
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