Technical analysis: Canadian Dollar falls across the board, USD/CAD pulls back to key technical levels
The Canadian Dollar (CAD) has weakened against all of the other major currencies on Wednesday, shedding four-tenths of a percent against the Australian Dollar (AUD) and the USD. The CAD’s least losses are against the Swiss Franc (CHF) and the Japanese Yen (JPY), falling around a fifth of a percent apiece.
The USD/CAD has risen back above the 1.3700 handle, testing chart territory north of the 200-hour Exponential Moving Average (EMA) near 1.3715. The pair bounced off the 1.3660 level to pare away Tuesday’s declines.
Wednesday’s pullback sends the USD/CAD into its first green trading day after five consecutive losing days. The pair is still down from the last swing high into 1.3850, and long-term technical support from the 200-day EMA rests near the 1.3500 handle at 1.3522.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.